A very lackluster turn-around-Tuesday as corn finished up 3.75, soybeans dn 1.5, and wheat dn 1.25. Markets were all higher on the overnight trade and early on in the day session today but didn't manage to close that well. Crude oil also saw a similar trading day as it was up $2.40 early on but ended dn $.50 on the day.
While the grain markets are continuing to find demand at these lower prices, the prospects of warmer-drier weather has all the bulls on the sideline waiting to see if this early planted crop can pop up and start growing with authority. Many areas are looking forward to some drying to allow for corn re-planting and soybean planting to start. Unless the current extended forecasts change to cooler/wetter, it looks difficult to run up prices until we get into a more critical late June/July corn pollination period.
Scott Meyer
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