Bulls in the corn trade cursed outside markets over the fall and winter, when each day seemed to bring reminders that supply and demand were mere bit players in a larger drama. But last week bulls could have used some outside influence. While other markets were looking stronger, corn suffered. Where are your friends when you need them?
Corn appeared to be falling under the pressure of its typical seasonal trend. While rain from a slow moving weather system will slow fieldwork early the week, overall the pattern appeared to be improving, leaving the path of least resistance lower.
I don't expect a free-fall at this point. Few acres are actually in the ground, soybean prices are not providing any incentives to plant corn, and weather models continue to flip flop on when and how rains will return. While fields could dry out later this week, especially in the west, forecasts over the weekend suggested potential for regular storms to move across the Corn Belt.
To read Bryce Knorr's complete weekly corn review, click HERE.
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