Planters were rolling over the state on a mostly dry weekend, and the forecast for this week also looks dry. Jim Bower, with Bower Trading, says the market is no longer focusing on planting delays but on productivity issues, “I think the market has digested enough of this wet weather and cold weather, planting delays and re-planting. That has been addressed so many times by the market, I think it is built into our current prices.” Bower says a change in the weather forecast is now what the market is focusing on, “The meteorologists we deal with feel we are making the change to a more normal summer weather pattern.” He added that this means a warmer and drier pattern for the Corn Belt.
As a result, Bower sees a market that will trade based on the latest forecast, “Overall, I think we are in a sideways trade until we determine what the overall weather pattern is going to be.” He pointed out that these day to day forecasts can be quite variable and need to be watched carefully.
Bower says export demand will continue to be a market factor along with the weather, “We saw this in the soybean market on Friday. Exporters see any price break as a buying opportunity.” He said the market has tended to downplay demand, but it has been good, especially for soybeans.
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