- Markets higher overnight with corn up 3 cents, beans up 6 cents, and wheat up 9 cents
- Corn technically looks to continue making a bullish run upwards.
- An export terminal in Argentina is down following an accident last week. This will be off line for a few months, but it is not as if they were going to export many soybeans anyways.
- Corn is close to dumping against the highs at 393 right now with resistance at 395. If May futures gets above 394’4 it will be the highest it’s been since July 2017 on the nearby futures.
- Soybeans are trading within their range mostly. They got above 1050 on resistance, but have no real reason to keep surging just yet.
- Wheat has recovered since falling off back weeks ago. Gap high to start the morning, but feels overbought.
- USDA reported 120,000 mt of soybeans to Argentina for the 18/19 year.
- Rains expected to hit wheat areas mid to later in the week
- Midwest fry over the weekend, possible rains midweek across most of the corn belt.
- After rains in the 1-5 day forecast, expected to by dry again
- South America has some chances for rain in Brazil double crop areas.
- Corn looks to have finally broken the sideways bear market trading we’ve been in since last summer. Corn is just getting in the ground and we’re already at some of the highest prices on the nearby futures that we’ve seen in over a year. Weather premiums haven’t been factored into the market, and with corn acres down this year, look for positive momentum to continue even if we see pullbacks.
- Soybeans have been in a sideways trade for the past few months, but with Argentina down this year and corn looking bullish, soybeans could follow suit. Not as affected by dry weather as corn is, but outlook can be seen as slightly bullish right now.
- Wheat started the morning by gapping higher which bodes well, but the market might be a little overbought, especially if rains hit later this week.
Fun Fact of the Day: When a baby kangaroo is born, it’s only about 2 cm long and weighs less than a gram. Immediately after it’s born it crawls up to its mothers pouch where it will stay of an extended period of time until it is much larger.