National crop ratings were released yesterday afternoon and U.S. corn good-to-excellent ratings showed a 1% decline while soybeans remained steady which caught many in the trade leaning the wrong direction (expecting improvements) and gave the markets a reason to open higher last night. Maps below.
In general it is difficult to get too worked up over the news/weather stories today as the market will have a bit of a “reset” tomorrow at 11 a.m. when we see stocks/acres from the USDA. That should be real true driver for price action. On top of that, with the holiday weekend coming up (the markets close at normal time Friday afternoon and then don’t trade again until 8:30 a.m. Tuesday morning) we have a LOT of time for weather to change on us. When we get back in the saddle Tuesday morning those weather forecasts will start to cover the always important pollination window which means there will be a lot of eyes on them.
With that much news in front of us, this week could be a strange one as some traders may just stay away until we all can learn a little more. We may all be numb to it now, but once again, we should expect some higher volatility.
Corn is 1 to 3 cents higher
Soybeans are 3 to 5 cents higher