Good Morning,
All markets are off sharply this morning with corn down 10, soybeans down 18 and wheat down 12.
Significant precipitation is still expected in West Texas and from the Texas Panhandle through Oklahoma and south-central Kansas into Thursday. This will significantly increase soil moisture and be beneficial for newly planted winter crops. US Midwest 6-10 day forecast is cool and dry. 8-14 day is warm and dry.
The markets are generally weaker in almost all areas where the funds are long. Just about the only things higher is the US dollar and the bond market. This should be the beginning of the correction and could last a little while. It will be up to the funds defending their position and chart technicals. There really is about the first large correction the corn market has seen for a while, and its awfully long. May not be enough chairs for everyone, now that the music has stopped.
Have a Safe Day!
Garry Gard
920-348-6844
ggard@didionmilling.com
