News

Planting and crop concerns push market higher

Corn and soybean markets are higher today in response to heavy rains that fell across parts of the eastern Corn Belt over the weekend and forecasts for more.

Don Roose with Des Moines-based U.S. Commodities says the weekend rains probably put an end to corn planting in many areas, except for replant.

“That led to an emotional trade overnight, again—a gap higher on corn, and soybeans finding some strength here also on fears that the way corn went, that soybeans could go the same in some of these wet areas if things don’t improve,” Roose says.

This afternoon’s crop progress report could provide a better picture, Roose says.

“I think tomorrow’s trade is going to be about the crop ratings and the planting progress,” he says. “And remember, in the planting progress report, we’re going to also include prevent plant acres.”

Roose says the U.S. weather and planting news needs to be weighed against continue large global supplies of corn and soybeans.