Corn and soybean futures at the Chicago Board of Trade may have run into some profit-taking resistance, but underlying concerns over wet fields and lost acres should keep the general uptrend in place heading through the summer.
“I don’t think this weather story is anywhere near over,” Preston Zacharias, of CHS Hedging’s Russell Consulting Group in Minnesota, told The Western Producer. “It’s not like a drought, when you can fix it with one rain.”
He adds, “I think the Prevent Plant story is bigger than the market wants to acknowledge, and I think the yield penalty story is bigger than the market wants to acknowledge.”
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