Corn closes down but outlook still bullish
My mystic guide Septic Peg called corn spot on at 2c down on tonight's close, and as she predicted this seems to have more to do with weekend profit-taking than anything else sifting through tonight's comments.
Whilst much of this week's post-USDA talk has centred around ideas that corn acreage will be larger than the USDA are saying, the weather doesn't seem to be doing anything to help that theory:
Heavy rains fell on portions of the Delta and Midwest Thursday & Friday, keeping farm fieldwork stalled, while slowing cash grain trade.
"Considerable rain was still falling early today, and additional widespread 1-2 inch rains are forecast east of a line from around Texarkana to just north of Memphis to near Norfolk, Va.," said Freese-Notis Weather.
The service warns forecast maps continue to indicate additional wet weather throughout the central U.S. for next week, as well.
"Given the current state of soils and the forecast for additional rain next week, clearly we are going to see nothing done for fieldwork through at least the first twelve days of this month," said Freese-Notis.
Forecasts point to a cycle of wet conditions for much of the Midwest, particularly for southern locations.
While there is still time, farmers in the heart of the corn belt have until May 5 to plant before yield losses are a concern. Producers in more southern areas, however, would like to be in the fields by now.
On Friday and Saturday, a swath of heavy rain will shift into the South and East and residual flooding will persist from the mid-South into the Ohio Valley. The threat for severe storms will shift from the lower Mississippi Valley to the southern Atlantic Coast, USDA Meteorologist Brad Rippey said.
Precipitation will also spread from the Pacific Northwest to the upper Midwest, with heavy snow possible this weekend in the upper Great Lakes. Wet weather will return to the central Plains and parts of the Midwest early next week, with additional flooding possible in the Midwest.
Whilst much of this week's post-USDA talk has centred around ideas that corn acreage will be larger than the USDA are saying, the weather doesn't seem to be doing anything to help that theory:
Heavy rains fell on portions of the Delta and Midwest Thursday & Friday, keeping farm fieldwork stalled, while slowing cash grain trade.
"Considerable rain was still falling early today, and additional widespread 1-2 inch rains are forecast east of a line from around Texarkana to just north of Memphis to near Norfolk, Va.," said Freese-Notis Weather.
The service warns forecast maps continue to indicate additional wet weather throughout the central U.S. for next week, as well.
"Given the current state of soils and the forecast for additional rain next week, clearly we are going to see nothing done for fieldwork through at least the first twelve days of this month," said Freese-Notis.
Forecasts point to a cycle of wet conditions for much of the Midwest, particularly for southern locations.
While there is still time, farmers in the heart of the corn belt have until May 5 to plant before yield losses are a concern. Producers in more southern areas, however, would like to be in the fields by now.
On Friday and Saturday, a swath of heavy rain will shift into the South and East and residual flooding will persist from the mid-South into the Ohio Valley. The threat for severe storms will shift from the lower Mississippi Valley to the southern Atlantic Coast, USDA Meteorologist Brad Rippey said.
Precipitation will also spread from the Pacific Northwest to the upper Midwest, with heavy snow possible this weekend in the upper Great Lakes. Wet weather will return to the central Plains and parts of the Midwest early next week, with additional flooding possible in the Midwest.