All of us at Wright on the Market know you want to know why CBOT prices are so weak today.
We have searched the corners of the earth for news to explain the weakness. We cannot even blame it on China because corn and beans were higher there today.
The consensus reason for today’s weakness is the entire Midwest will receive between a half inch and one inch rain next week. The fear of Friday’s USDA reports may be a part of it.
If the rain comes next week, that rainfall is already priced into the market today.
What is far more important to you is how much rain will fall the three weeks after next week.
We do not know; you do not know. The weather people do not know and they disagree.
Here is what we do know: