Over Memorial Day weekend, temperatures soared into the 90s in some areas of the Corn Belt. Soon after that, subtropical storm Alberto made a straight shot from the Gulf of Mexico all the way up to Michigan.
With the unofficial start to summer in the rearview window and nearly all of the corn in the ground, it’s a wait-and-see game with weather, both in North and South America.
“We’ve got enough talk of demand right now—we can’t afford any supply snafu, so weather is going to be your big fundamental that will push the market,” said Mike North, president of Commodity Risk Management Group.
The funds, he said, still have “a lot of room to add to their position” and could also make prices move to the upside.
Hear what North said would be enough to move prices higher and beyond the $4.50 per bushel mark on AgDay above.