5/29/18: Mark's "Market Talk" Blog

The first summer holiday is behind us, the markets were higher last week, China appears ready to buy more from the US.

The Memorial Day weekend brought record high temperatures through the Mid West which may have the trader’s attention this week. The unplanted acres to the north have shrunk while the areas of dryness have expanded. It’s still early in the season but with the possibility of a trade deal with China ramping up exports, any talk of a less than trend line corn yield will get the traders excited. Originally all of the China attention was soybean based. However the early reports from the trade delegation talk of them buying US corn also to help them meet the goals they are setting. Settling the NAFTA agreement will bring more good news to the markets. Hopefully we can settle this before harvest. For the week corn was 4 cents higher. Beans closed 43 to 45 cents higher last week as the news of a trade agreement with China  put some fire under the market. Everyone will be looking for some carry thru this week. If we fall back it may prove we have put a double top in for now and we may have to wait for some rough summer weather to help us later.

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