Another day of outstanding weather and record planting progress! Corn, Soybeans and especially wheat turned up the volume on the turn-around-Tuesday dance today. Corn up 8, beans up 7, and wheat 19 higher. A little bit overdone yesterday on dragging corn down 16 and wheat down 23 along with rebounding crude oil (up 2$/barrel today) led to higher trade. Large rains are forecast over the entire corn belt starting Thursday and lasting into Monday. If rain gradually falls over those 3 days, things probably couldn't be better for the crop just planted. Lets look for this scenario and not one that has heavy downpours of rain in severe thunderstorms.
Soybeans have been the steady crop over the last 2 days, down 8 and up 7 respectively. Traders are watching record corn planting pace to see if bean acres will be lost and how planting progress will develope this week, yes beans are going in the ground nationwide.
Cattle prices have reached a 21 month high and that old high of Aug 2008 coincides with China hosting the 2008 summer Olympics and using a lot of beef! Hog prices are also way up over last year and both prices should lead to higher placements in the months to come.
Scott Meyer
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