Markets opened lower today with corn down 5 and soybeans down 10.
Yesterdays limit higher close was just another volatile day in the markets with no solid reason for the speculative trade. We have seen limit lower and limit higher trade days this week as trade continues to make big swings on rumors and fund positioning.
A cool stretch of weather has some traders monitoring potential frost damage in the northern trade areas, but it currently looks like this will be avoided. The only real potential appears to be in the Northern ND area. The US weather is going to have to turn away from the wet outlook we have been seeing before any weather premium is going to be added.
The 7 day and 10 day forecast has a lot of rain for Missouri, Kansas and Illinois/Indiana South. Most of the heavy rain is in Kansas down into Texas where amounts will top 3-4 inches. The whole South and East are also supposed to get moderate to heavy rain. The only dry area is up in the Dakota’s and in Minnesota. Temps will back to more normal next week after this cold front moves out.
The market appears to be setting back after yesterdays big rally as we head into a three-day weekend. There will be no markets on Monday and trade will resume Tuesday morning.
Thank you to all the military service men and women who have and are currently serving our country. We would not have the freedoms we have today if not for your service.
Have a Safe Memorial Day!