Last week, the corn market showed its resiliency, according to Ted Seifried of Zaner Ag Hedge.
Since the Prospective Plantings report from the USDA was issued in March, South America has been having production problems with dry weather.
“Corn is trying to buy any sort of last minute acres it can buy,” said Seifried on AgDay.
“Corn is having that sort of rare seasonal spring rally into planting.”
Looking at the soybean side, soybean meal broke last week on false information that the trade spat between the U.S. and China had been resolved.
“What we think maybe is going to happy is we’ll see the crush collapse as this news is announced, so beans may pop a little bit, but I would be looking to probably manage some risk on that rally,” said John Payne, author of This Week In Grains and Oilseeds newsletter.
What are Seifried and Payne looking forward to this week? Watch AgDay above.