Profit Taking Ahead Of The Fed

The updated short term weather forecast could allow Midwest corn planting later this week. Old and new crop corn gapped lower in today's trade but recovered most of the day's losses by the close. We are in the heart of traditional corn planting times and the trade is evaluating 0.5% to 3.0% likely declines from trend yields based on weather ahead. There are only six other years with a worse planting pace than this since 1980.

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