Corn and beans need something besides wet weather and planting delays to feed the bull today. In fact, wet weather may start becoming a bearish influence as what's going to get planted this year may already be incorporated into the market's psyche! But, wet and damp might continue to be friendly to winter wheat spreads as quality is deteriorating and end users may make a stand with futures at some point this year. We're not going to run out of anything at least, for a couple of months but God help us if South America has any problems next year. We're looking at CH/SH/WH and forward months as pretty flat already and these might be the contract months where any world tightness surfaces. But, wheat might be the first grain/oilseed to invert. We're still watching the weather and the NWS 6 to 10 day forecast is looking a little better temperature wise but, still too wet! Wheat could use some dryness and given the harvest rate so low there could be a lot of disappointment with this year's quality!
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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