Guess the question's been answered! Beans are in the lead, and ironically, it's not the planting weather (beans are just 1% off the normal pace, but that's only 3% versus 4%), but demand abroad. And, analysts say that's likely to keep up for at least a while. So, will beans shoot the moon if these planting delays last into the late spring when everybody would normally be planting beans?
So, we've got a lot of bullish news. Will we see things turn around later this week if prices move too much higher?
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Here's Bill's first report from the Kansas Wheat Tour. If you all have any questions for him while he's out on the road with them, let me know and I'll relay 'em to him!
JC
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Good mornin'! Well, it's a soggy sucker here this morning. It'll sure be interesting when the Drought Monitor comes out Thursday, because it sounds like we're getting close to catching up to normal moisture levels around here. Sure doesn't look like much field action's going to happen for at least a few days.
So, are these overnight gains going to stick today? Al Kluis says this morning that early expectations are for higher prices at least for a while, based mostly on yesterday's USDA report that shows slow planting progress. And, Al says he's watching the weather in the northern Plains and Corn Belt where planting progress could fall behind the most in the next week or so. So, that could be some feed for the bulls.
And, the Kansas Wheat Tour's kicking off today. We've got an editor, Bill Spiegel, riding along with them for a day or 2, and he'll have some reports for us soon (he sent one in that I'll get on the site here shortly). Think the trade will pay much attention to the tour?
Anyway, we're starting slightly higher for corn, beans and wheat. The B-Team will try to keep ahold of things today. So, what the heck's everybody doing to pass this wet, soggy time before you can get rolling?
More in a few...
Jeff
