Looking forward to the week ahead we need to focus on weather and equities. Banks will set the tone with further rains across across the midwest adding to any upside momentum the market tries. Friday’s setback was profit taking plain and simple. Unless we get a big shock, I expect markets to start higher waiting for further information from China with no major fundamental information expected.

One word of caution, Monday’s crop progres report (3PM CST) should show corn falling behind due to rains all over the midwest. Anyone who wants to get fired up about this should remember that the south is neve a concern when harvest comes, only the northern states are a concern. Plainly put, this is too early to get excited about delayed plantings. With today’s technology we can plant faster than any early concerns should arise.

Overall look for beans to lead any upside move with wheat moving higher while corn remains the weak leg.

Matthew M. Pierce

This entry was posted on Sunday, April 19th, 2009 at 4:00 pm and is filed under Grains. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.