Corn futures tried to breakdown yesterday, following a weekend of favorable weather that helped producers stay ahead on planting; Wheat futures rallied in afternoon session.
Corn futures are softer to start the week on the back of good weekend weather, one of the main reasons we recommended selling last week’s midweek rally ahead of the weekend.
In a normal market environment this would be a very bullish Cattle on Feed report, unfortunately we are in anything but a normal environment, so it’s taken with a grain of salt.
Rumors have been swirling that China was in the market for some big corn purchases. That, coupled with today’s option expiration has provided support in prices over the last few sessions.
