Bottom of the Weather Selloff?
Corn was mixed with the old crop higher and the new crop lower. Soybeans were lower
across on Tuesday. Weather forecasts continue to gyrate the markets as the Euro
model is moving drier while the GFS is holding on to the moisture. There was a delay
with the Euro midnight run but the wet GFS came out on time and put early morning
pressure on the markets. Corn was down 7 and soybeans were down over 20 cents.
The Euro model did run 2 hours late and continues to move drier. The market
turned with corn finishing the overnight up 5 cents and soybeans down only 5 cents.
Granted the overnight market is thinner and can be pushed around more than the
day sessions but it emphasizes how these markets are trading forecast to forecast.
Overall, there seems to be some concern building that these forecasted storms are
not going to be what was expected earlier in the week so stay tuned as the markets
have taken a lot of weather premium out the last two sessions.
See attached report for more information on outlooks, technicals, and weather updates.
View Report Now