Markets pull back from weather tradeMarkets pull back from weather trade

Drier weather, at least in the northern half of the Corn Belt, could help planters get rolling over the next week, one reason grain futures retreated overnight. Stock markets are also easing, seeing a “buy the rumor, sell the fact” type trade after centrist candidate Emmanuel Macron won the French presidential election as expected. Big speculators helped fuel last week’s short covering rally, but may prefer to wait for more news on crop progress and USDA’s supply and demand report on Wednesday.

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Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs.