The grain market has exploded higher, led now by corn as expectations for South America’s (SAM) corn crop have continued to decline the past few weeks, reports Successful Farming.
The SAM corn crop was planted late, and both Brazil and Argentina have struggled at times to get rain in areas that needed it. So, the late-planted corn continues to disappoint as it nears harvest. Corn, soybeans, and wheat are all at new recent highs, but corn and soybeans have performed a lot better than wheat.
The rally has taken on new dimensions lately, with May corn limit up to start today after a violent week last week – it’s now traded higher seven days in a row with about $1.20 gains in that time.
Read the full report by Ray Grabanski here.