Weather has been the primary driver as corn and soybean prices climbed to start the week.
U.S. Commodities president Don Roose says continued wetness is raising concerns in the Eastern Corn Belt.
“That area down into Missouri and south, a lot of these roots are very shallow and you really can’t have a lot of heat coming at you. Well, the forecast, and we’ll see how it goes, but it looks like we really turn up the temperature going forward.”
In addition to the weather premium, he tells Brownfield recent Chinese purchases are adding support.
“Starting to buy soybeans (and) they know they have to buy some other grain products also, so I think that’s kind of a predicator here. And then we’ve got a crop report coming at us next Tuesday, meantime it looks like we’re heating up the war with Iran again.”
Roose says the renewed tensions in the Middle East sparked a sharp rise in crude oil, which is bullish for corn and soybean futures.
