Hot and dry weather in Brazil is causing concern for their safrinha corn crop. A ridge has formed and it could impact the 2nd crop corn for the next 10 to 14 days. Corn has come down in the past week or two as the Argentina bull market has ended and it is still too early to get excited about planting weather in the US. Exports have been slow and the US Dollar seems to be making a bottom. We expect the grain markets to be range bound for the next couple of weeks. The upcoming major catalysts will be Brazilian weather for safrinha corn, US planting weather, and the May WASDE which will show the new crop supply and demand tables for the first time this year.
While the podcast does not have specific actionable trading recommendations, we do publish them in Turner’s Take Market Alert for spec traders and Turner’s Take Ag Marketing for hedgers. Want to know what to look for in the commodity futures markets? Take a listen to Turner’s Take podcast!
Craig Turner – Commodity Futures Broker
Turner’s Take Ag Marketing http://www.turnerstakeag.com
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Turner’s Take Ag Marketing | 2018 Corn Outlook - Turner’s Take Ag Marketing sees 2018 corn prices having a possible range from $3.15 to $4.50 given various acreage, supply and demand scenarios, with an end of season target price of $3.70. Find out more about how we determine the range of prices, our suggested marketing strategies, and our 2018 target prices.
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