Corn is still being supported by another rain event coming up several days after this one but then possibly very warm and dry..........which would allow the crop to catch up with planting.
Lots of corn to be planted a bit late this year, so early yield estimates and expectations have been lowered a bit already.
Good growing season weather can fix that.
That next rain event starts late day 6 in the N.Plains then slowly shifts east thru days 8-9.
Then it turns warm and dry..........after that(probably)
Corn price is the highest since last July's weather spike higher.
Corn acres will be down this year and even trendline yields will result in corn stocks falling. Big funds like owning corn right now.
However, when planting goes gang busters in May, its usually tough to keep corn from dropping. If we add to or take out this next rain, it could be the weather that pushes corn to new highs or puts in a short term top.
The fundamentals in corn must be pretty daunting. With soy looking increasingly weak, corn holds strong and still gains. The USDA report on the 10th should be interesting and enlightening.
Is there even a bearish story out there for corn?
Agree strongly Jim!
Corn just will not go down! It made a small drop today -2c but was strongest of all the grains by far.
Fundamentals have become bullish. Stocks in the US will be plunging just from planted acres doing down, even with decent weather.
Planting will be a bit late in some locations, especially the Upper Midwest. IA, especially ne IA, a high production area got hammered with heavy rains this week and have more rains coming up.
So this key location of the cornbelt will not get planted until, possibly late May based on the weather warming up fast and drying out after next week's rains.