- Corn is down 2 cents this morning, beans are down less than a cent, wheat down 15 cents.
- Markets had another higher than expected day as they made new highs in both corn and soybeans. Corn finished up 4 cents, beans up 12, wheat up 21.
- Argentine soybean production estimates could drop to as low as 40-45 MMT (USDA 54 MMT last month) due to continued dry conditions.
- Farmers continued selling old and new crop bushels for all commodities with rallies.
- USDA reporting more soybean sales to China.
- CZ8 hit technical resistance at 4.05 yesterday and pulled back.
- Soybeans are trying to hold gains after new highs yesterday and after surging $1/bu since mid January.
- Wheat is pulling back today after two straight market surges to the tune of 20 cents each.
- Markets are showing caution today after Trump announced tariffs on steel. If China retaliates, it’s possible they could target commodities like corn and soybeans, sending markets lower.
- Argentina forecast is still dry. A few areas have received rains, but the crops remain stressed. Forecasts show Argentina could pick up a few showers in the coming weeks.
- Brazil sees a little drier weather in the 6-10 and 11-15, which will help harvest pick up.
- US winter wheat areas are dry the next couple weeks.
- Corn ran into technical resistance yesterday but direction is still generally positive. With lower corn acres this year and wheat still surging, corn still has room to grow, but look for it to follow wheat prices.
- Farmer soybean selling has been high with recent price rallies. Markets are trying to hold steady into the weekend, but some are showing concerns about overbought conditions with recent fast rallies and now international trade concerns. Direction still remains positive with Argentina dry.
- Wheat is correcting itself after surging past $5/bu yesterday.
- Today looks to be a down day after recent rallies. Markets will correct themselves heading into the weekend.
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