Wheat was under pressure this week from several items, the biggest coming from talk that Ukraine. Corn was under pressure from improved planting progress. But soybeans continue to be the bright spot in the grain markets.
As the late entertainer Jackie Gleason would say, March 31 will be a “REALLY BIG” day in Corn Belt agriculture because the USDA will release its farmer survey results to
Markets rally on USDA reports showing reduced acreage of corn and soybeans agweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from agweek.com Daily Mail and Mail on Sunday newspapers.
Suggested Event
Jun 15, 2021 to Jun 17, 2021
With both the May 2021 and July 2021 corn futures contracts taking out the $7.00 price level, the biggest question I’ve heard from farmers over the past few days is, “How high is this thing gonna run? Where and when will be the top?”
While it is nearly improbable to know for sure when the top will be, we can apply a few analysis tools to corn and soybean markets that might suggest approximately when and where that high may occur.
Seasonals
According to the 5 and 15 year seasonal partners provided by Moore Research Center, new crop November soybean futures have a strong seasonal tendency to top either between June 11-June 16 or July 9-13. New crop December corn futures also share a similar time frame for a seasonal summer high. The strongest indicator for a price high comes June 9-June 16, with an additional potential price spike July 9-13. Why is the tendency so strong during those two summer time frames? Two reasons, weathe