We are watching for two important developments this week. First, the USDA Crop Progress report that will be released this afternoon. We expect corn planting nationwide to be at 8%, about 4 points behind normal. Second, the price of crude oil. If crude can find a bottom this week, and the Crop Progress report shows delayed planting, then the odds are good that we can put in a short-term low in the corn market.
Get our daily in-depth analysis delivered directly to your inbox by 5:30 AM CST each morning, along with other services created specifically for farmers, when you become a Kluis Commodity Advisors client. Try our Kluis Commodity Advisors 30-day free trial to test it out.