So much for the weather market. Corn is limit down on slowing export sales, according to Bloomberg. I saw 137,000+ on the ask for July a minute ago -- that's about 20% of the OI. Should be an interesting reopen tonight....
Except no one can plant -- it won't stop raining. "About 9 percent of the corn crop was planted in the U.S. as of April 24, compared with 46 percent at the same time last year, the Department of Agriculture said in an April 25 report." (earlier Bloomberg story)
I live in Illinois, the farmers can't get out. They are three weeks late. It will at least another week before they can get out.
1) Some acreage may go into soybeans instead if things don't dry out around here. :eek: 2) Corn should be well-supported versus soybeans in the interim.
don't worry, every year during the planting season rains alot. too much rain, too many tornando, etc etc etc. It is not what u plant. It is what u grow. I am expecting to see many limit up/down during mid and late summertime.
"Rain grows grain", as they say. But not if it hasn't been planted. Actually, there are some guys around here (central IL) who planted during the warm dry period we had in early April who have to re-plant due to all the water and low soil temps. But, whenever things do dry out, planting is actually very quick for most guys. I hope so!
A lot of beans plated last year in the heartland, they need to plant corn this year. I think a lot of fields will lie fallow.
Yeah, most of em can get it in 3 days. It is not about the front in end now, it is about the back end. Year before last, we had corn standing in November. Not good at all. I think corn is going to spike.
Hope you were able to trade it. Back to the weather market. Thought we were all done for the day until just before noon. No volume, and then bang -- corn, beans, and wheat off to the races. Wheat's still weak -- need some follow-through next week.