The weekend seemed to make all the difference in the corn market. Traders entered the market Monday focusing on continued wet and cooler weather forecasts. This is now casting doubts on the ability to get corn planted in some areas even through it is not yet May 1. The fact that very little fieldwork has been done in many of these corn production areas is more of a scare than lack of seed in the ground.
This weather scare drove active buying into the corn futures market. Before the end of the session, nearby corn futures were locked in limit higher trade. The sharp rally in the corn market pushed May ethanol futures 11 cents per gallon higher based on increased production costs.
There may be additional upward momentum in the corn market if aggressive corn market support returns to the market Tuesday.
Rick Kment can be reached at email@example.com
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