Tough Day for the Grains
After the long holiday weekend the grain markets are quite a bit lower today. In the case of corn I read it was “profit taking” and planting progress or soon to be planting progress. It was warm over the weekend but looking at the forecast for the rest of the week it does not look like we will get a lot of planting done here in the upper Midwest. It is going to take a few days of warm dry weather just to get started! Traders assume that a day of warm weather and farmers are in the field planting corn! While corn traders assume that the corn is getting planted in great shape, soybean traders say the cool wet forecast will prevent some corn from getting planted and therefore more beans will be planted! That is what is frustrating about the grain markets, always the bearish assumptions. They both cannot be right!! The wheat is also getting hit hard because there was some rain in the Southern Plaines and there is more in the forecast.