After what is now 4 days of little or no fund trading we are quickly seeing corn go back to what would be considered normal summer trade. That means this market will quickly react to weather map updates every day which is exactly what was seen today.
World wheat production still sits at record levels and stocks remain at their highest number ever. Our price outlooks do look for a rebound of July wheat to test the five dollar level at some point in the spring but right now we do not have the fundamental or technical indication the market will reach to higher levels.
Soybeans stared the week with a bearish tilt as a disappointing NOPA number had the market under pressure today. After Friday’s active trade, the corn market moved back to more sideways and calm trade on Monday. Wheat finished higher on Monday supported by short covering and a weaker dollar.