Traders are hoping for normal rainfall in the 8–14-day time frame.
Read MoreOur review of the USDA’s Supply & Demand report released on April 11, 2023
Read MoreWhile the market seems to have the weather outlook to expect further gains, the sharp drop in open interest recently might suggest a long liquidation selling trend.
Read MoreWith rain in the forecast for Minnesota and surrounding areas over the next five days, progress could slow dramatically.
Read MoreGlobal wheat stocks will decline to six year low. Rare cut to corn yield estimate from slow planting start. US soybean crush seen at record for 2022/23.
Read MoreThe surge higher in fertilizer prices to a new record high may be the key factor to limit corn planted area.
Read MoreThe market remains vulnerable to increased volatility as fund traders hold a huge net long position ahead of the USDA reports, and ahead of a possible cease-fire agreement.
Read MoreWeekly USDA Export Sales Report
Read MoreThe report news was bearish, as the USDA left all the US numbers unchanged from last month, left Argentina production unchanged, and lowered Brazil by only 1 million tonnes.
Read MoreThe weather forecast is bullish. March corn support is at $6.26 1/2, with $6.42 ½ and $6.54 ¾ as next resistance.
Read MoreMarch soybeans closed sharply lower on the session led by weakness in the meal market. March corn closed moderately lower on the session as traders see outside market forces as bearish, and also see rain in the 8 to 14 day forecast models for southern Brazil and Argentina as a bearish force. March wheat managed to close higher on the session after lower trade early in the day. Talk of the oversold condition of the market and ideas that the winter wheat crops in the US and Russia are in poor condition added to the positive tone.
Read MoreWhile the January USDA reports usually have a big impact on the grain markets, South American weather could dominate the news this year.
Read MoreShort-term technical support for March Corn comes in at 601 1/4 and 597 1/2, with 614 1/4 and 630 1/4 as next upside targets.
Read MoreThe market has the weather forecast short-term to see more buying, and it may need to see bearish news from the USDA supply/demand report today to hold them back.
Read MoreOur summary of USDA’s weekly Export Inspections Report
Read MoreAs of June 2nd only 67% of the US corn crop had been planted. This was up 9% from the week before but still way behind the 10-year average of 95%. This means 30.6 million acres need to be planted in June!
Read MoreThe Dec 2019/Dec 2020 spread is right where it should be. The spread has rallied 60 cents since mid-May, while the flat price has rallied 90 cents…
Read MorePresident Trump is making a move to impose a 5% tariff on all Mexican goods on June 10th (80% of their exports go to the US) and to increase the tariff by 5% each month to reach 25% by October until Mexico agrees to help the US on the crisis at the border. If Mexico retaliates…
Read MoreGrain markets normally look ahead to monthly USDA supply/demand reports or quarterly grain stocks reports for volatility and price moves. However, this Tuesday’s (May 28) and the following Monday’s (June 4) corn planting progress figures could be the most consequential numbers in some time.
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