This week may be “report week” with the USDA releasing acres/stocks on Wednesday, but it is starting off just like any of the past weeks with the focus all about the weather. Yes, there were weekend rains (some were heavy with flash flooding) but the problem dry areas are still a problem and the 6–10- and 8–14-day forecasts show the NE Belt/Plains getting stiffed on moisture chances once again with temperatures also creeping back up above normal. The drought up there is also showing itself in Spring wheat prices, as Minneapolis wheat futures are making new highs this morning.
We will get another weekly crop conditions report this afternoon. It will be interesting to see the crop ratings after last week’s less-threatening weather. I think there are many in the trade expecting overall improvements in the good-to-excellent ratings.
Lastly, we are two days away from the planted acreage and quarterly stocks reports, which could cause the markets to thin out a bit and volatility to continue as the week goes on and traders work to square their positions leading into it.
Corn is steady to a couple cents higher
Soybeans are 8 to 12 cents higher