by Dustin Weiner
of Farmers Co-Op
The markets rebounded overnight, bouncing up from Friday’s lower close. The wheat market seems to be leading the charge higher (up double digits) likely due to ongoing weather concerns in US wheat country along with escalating tensions in Russia/Ukraine. Winter wheat crop conditions were already poor (at a 12-yr low) thanks to the drought in the Southern Plains – and now with freezing temps in the forecast for tomorrow morning it looks like they could get worse.
Although some of us here in Iowa will feel that the rains over the weekend were beneficial – the market is trading this cool wet weather as something that is friendly to prices as corn planting will have to wait a little while longer. Speaking of planting, the USDA’s first planting progress report will be out this afternoon and the market is expecting the US to be just under 5% planted on corn. This number would be pretty close to normal, and it’s probably too early to get worked up over planting delays…
Corn 2 to 4 cents higher
Soybeans steady to 5c higher