Grain markets up on weather and speculation!
Today the market once again recovered most of Friday’s downswing due to the implication that too much rain may be seen in some areas of the United States and the continued dry weather in Brazil.
Many are anticipating corn planting should be between 20 and 30% planted in today’s Crop Progress report. With this being said there is the potential of a turnaround Tuesday. One would assume corn and soybeans may be in a trading range until June on confirmation a weather event or acreage.
Use these opportunities to sell old crop and make hedges in new crop. The fundamentals are still bearish and one day the market will begin to reflect large acres and the potential for increased supply.
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