Corn up .05
Beans up .04
On Sunday the USDA reported that 16 million acres of corn were left to be planted and it is looking like that up to half of those acres will not make it in the ground. This combined with strong ethanol numbers, continued concerns around temperatures, and weather are fueling the bulls. The corn market has made new highs off this latest rally and the markets were up again on the overnight after starting the session lower.
Export numbers yesterday were also disappointing this week and the Rosario Grain Exchange increased their estimate for Argentine corn by 2.0 mmt to 50 mmt. As we progress through the summer the trade will continue to wrestle with the supply/demand to find the value of grain. This will lead to volatility in the markets as nothing goes up or down forever. In fast paced markets keep in touch with your GMA to manage this risk and identify opportunities for your business.
Listen for this week's Bull Bear Banter podcast to come out later today.