Corn’s late plantings has bulls taking control, but for how long?

Market Pulse for April 30

Last year corn plantings were some of the earliest. The U.S. had one of its best corn planting season on record last year. That is what happens when it is 80 degrees here in Chicago on St Patrick’s Day. This year we are seeing the opposite with cold rainy temperatures. With all of the rain that we have seen in the Midwest, with it comes flooding — much of it on Midwestern farm lands. Last week’s Crop Progress showed as of April 21, 2013 only 4% of U.S. corn was planted, whereas the five-year average is 16% and last year was 26%. Last week July 2013 corn opened at 629¾ and closed the week at 619¾. Since March 2010 we have seen corn with a low of 324½ on June 28, 2010 and a high of 843¾ on August 6, 2012.

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