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| Grains lower across the board, however we closed well off our lows. Most notably in wheat as Chicago closed +10 cents off of it's early lows. Closing down just -3 cents after trading down -13.
Corn and soybeans are seeing a little bit of pressure from rains in the midwest improving the soil moisture situation.
Rains right now will be perceived as a slight negative as we are not yet into planting season. For now it just helps the moisture.
However two weeks from now and the further we get into planting, rain will be a negative as it could effect planting progress.
Another negative factor the markets saw today was a big headline that we got our first human case of bird flu from cattle. Anytime the market has gotten a headline like this in the past, the grains have been negatively impacted because the headline says less cattle means less grain being consumed by them. Even though the reality is we probably don’t lose any demand.
Now that we got the planting intentions report out of the way, the market is going to very soon start paying close attention to US weather and our planting outlook.
The next week will be cool and wet. But it does start to warm up with above normal temps next week. (Forecasts below)
Precipitation for April is expected to be above average, which could cause some planting concerns. Temps are expected to be warmer than normal as well.
The outlook for this upcoming planting season has really shifted from dry to wet, while heat is expected to remain above average.
During planting season drought and dryness is short term bearish, long term bullish. While rain during planting season is short term bullish, long term bearish. As rain could cause some problems with planting but will improve our soil moisture.
These rains could go a long way, but the corn crop is made in July. Soybeans are made in August.
The outlook for later this summer is still hot and dry for the most part…
Read todays update where we go over how big or small this corn carryout could get and the effects both early or late planting could have on these markets
Read Here: https://txt.so/BPqfsx
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Early or late planting? - market comments
