A bull market needs to get fed every day. This year we’ve problems with planting and the lack of growing degree units and the length of our growing season is critical. But, if the NWS forecast of warmer and slightly wetter than normal conditions prevails it might be a little difficult for the market to rally. That said, there could be significant end user buying on dips as there is fear that things could get very volatile if the growing season is shorter than normal.
Friday is a big day given the USDA reports, first notice day, the end of the month and the end of the quarter. The rest of today, Wednesday and Thursday might see some prudent speculative profit taking. We still sense excitement in corn and wheat spreads, more so wheat, while bean spreads as well as products might stay on the defensive!
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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