As the old saying goes “Rising tides lift all boats” and we say that yesterday as the run-up in corn and wheat pulled the bean complex higher. Heavy rain and snow totals were the fuel for the rally. It is estimated that 10% of the bean crop had been planted, the question now is how many of these acres will have to be replanted. The good news for producers is there is plenty of time yet to get the crop in. We might even pick up acres if the weather doesn’t break fast as it will potentially force some corn acres into beans.
Hedge funds raised bullish gold wagers to the highest in eight weeks as signs of stronger Chinese demand drove prices to the longest rally since August. Goldman Sachs Group Inc. says the gains will be short-lived.