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| Phenomenal day across the grains. Beans rally nearly +30 cents.
Corn posts it’s highest close in 3 months and nearly takes out those highs from the March 28th report after trading in just a 20 cent range for the past 2 months.
Corn also closed just below the 100-day moving average, something we haven’t seen in a whopping 280 days since July 27th. (Charts below)*
The tides seem like they are starting to turn for grains.
If corn can get above $4.60 I don’t see why we wouldn’t see more upside. The funds hold a massive short, and we are on the verge of breaking out of a 2 month chop.
Right now we have some concerns about the possibility for delayed planting. Which we will see a little bit of. But we won’t have anything remotely close to 2019, however any corn planted after mid May opens the risk to some yield loss.
The forecasts for summer still point to brutally hot and dry.
Rains here are certainly helping with soil moisture and will go a long ways. But we will still need timely rain this summer especially if we get that heat they are forecasting. One month of rain isn’t going to last for the entire growing season provided it gets hot.
The next 45 to 60 days are going to be where your opportunity in these markets lie, especially for corn. The opportunities are only beginning….
Listen to todays audio where we go over exactly how you should be preparing your marketing for this upcoming growing season and why we should see higher prices going into summer
Listen Here: https://txt.so/7KY27m
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 B9D4B09E-D491-4660-B6BE-EE2F052CD284 (full).jpeg (68KB - 52 downloads)
6199C5D8-2E86-4BBC-8DFD-C4E0BD001762 (full).jpeg (70KB - 47 downloads)
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Start of seasonal rally? Corn nearing breakout - Market comments
