Market Thoughts by Marc

Keep Up with the Markets

May 2, 2017

May corn 364 – 5 ¼             May soybeans 958 - 1              May Mpls wheat 543 ½ - 6 ¼                
July corn 372 ¼ - 5 ¼             July Soybeans 968 ¾ - 1 ½           July Mpls wheat 557 ½ - 5 ¼        
Dec 17 corn 390 – 4 ¼             Nov17 Soybeans 964 ¾ + ¼         Sept 17 Mpls wheat 561 ½ 
I have it from a reliable source that most of the snow in western MN is now gone. 
The first of the “too’s” has started, but it’s hard to say how long it will continue. Hummm -is it over already?
Today the 6-10 day weather forecast is for dry and warmer conditions across much of the corn belt.
Yesterday, the markets traded the idea that there was a problem with the wheat crop and corn plantings, however it could be a while to see if it really will have an effect on acres and yield. Hummm – how’s that go, buy the rumor….?
The question is - why was the soybean market so strong too? If producers don’t plant corn, won’t those acres go to beans? Hummm – what everybody knows, ain’t worth knowing.
The Kansas wheat tour started today, so the market should get a good idea of how the crop was affected by the snowstorm.