With corn futures unchanged in a day of consolidating after 3 pretty impressive days up and soybeans also uneventful at -2 cents, a trader has to get his excitement from OATS! Oat futures on the CBOT are up 80 cents in 5 days! That is a 30% increase due to very very wet conditions across the Canadian prairie. Will this have an effect on corn and soybean futures, well if today was any indication that would be a very loud NO. What this does show is that with July and Aug weather just around the corner, anything I truly believe anything can happen. With uncertain volatility in the market, it is a good idea to talk to a grain merchandiser and ask them how you can limit your down-side risk on new crop corn and beans while leaving some room for the upside.
Warmer drier weather is forecast for the next 2 weeks and almost all of the corn belt would love to see this come true.
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