Jerry Welch, Commodity Insite!
Call me at 406 -682 -5010
Ennis, Montana 59729
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A significant change in the weather forecast took place overnight and grains are catching a bid as a result. Several weather services are calling for a frost or freeze in the northern teired states around September 23. Such a forecast if it comes to be is bullish grains with the crops so far behind in terms of progress.
However, a major USDA grain report will be released in about an hour that may push grains lower. Still, down thru history Mother Nature is the wildcard for grain prices and that will not change regardless of the data coming forth from the USDA shortly. Even a weather scare can send grain prices higher.
For instance, on August 29, 2009, 10 years ago, fears hit the grain complex that an early frost would take place in the upper Midwest. At the close of trading that day, corn futures were up nearly 9 cents a bushel, wheat rose 11 cents in Chicago. Soybean prices were up nearly 34 cents a bushel. Prices were higher on a scare and not an actual frost!
Where grain prices close today will likely set the tone for values moving forward. But if this mornings USDA report is a tad price positive as I believe and Mother Nature does indeed bring forth an early frost or freeze, the upside potential for grains may be substantial. Time will tell.
And right now, the time is 10:15 a.m. Chicago time with soybean prices 20 higher, wheat is up 4 cents and corn 2 higher. It is an interesting day!
Drop me a line at firstname.lastname@example.org if I can be of help.
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