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Today started positive, but quickly turned to the negative as the trade began dwelling on the report results from last week. Although there were some bullish surprises for wheat and corn, the trade seems to be taking a closer look at the actual values today. The reality is, stocks going into this planting season are ample, and even with the less-bearish planting acres, the S&D's are still looking heavy. This pushed May beans below their 50-Day moving average again today, as well as July Wheat. So much for technical support. Corn and wheat futures have now given back nearly all of Thursday's report gains.
Midwest precipitation remains active today and will be so again next week into the 6-10 day period, but does look to be dry (and warm) into the 11-15 day. This adds moisture to the soil, right before drying up for planting to begin right on schedule. This makes the trade nervous as perfect planting conditions = a better chance of higher yields = even larger carryouts.
Funds were thought to have been all sellers.
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