What is priced in so far?

Overnight- Corn, soybeans and wheat are all lower.

How much of the fundamental bullishness is priced in right now?

We have had a 25-cent rally in December Corn and a 70-cent rally in November soybeans.

Fundamental forces include slowed planting in the US, flooding in Rio Grande do Sul with more rain on the way, dry weather in the Black Sea and leafhopper infestation damaging the Argentina corn crop.

Both corn and soybeans put in new highs for the move yesterday and have pulled back so far today. Does that mean we have priced all the bad news in or are we giving traders another chance to get in for another run higher?

It really depends if we do get the majority of the Cornbelt to dry out this weekend. That will be the bigger influence going into next week.

If the forecast turns back wet, we will likely see new highs for the move.

May WASDE on Friday throws a wrench in the works in the short term.

Look for a tightening old crop corn carryout and an expanding old crop bean carryout.

New crop will be intended acres and trendline yields with USDA Outlook Forum usage numbers. They will not surprise anyone but the carryout and stocks to use numbers will be big to look at on paper. NFC Grain Comments Options -new (45)

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