More Fireworks Ahead in the Grain Markets, Analyst says
With Seven Straight Higher Trading Days, Watch for a Market Top, Analyst says
By Ray Grabanski, Successful Farming
Agriculture.com - 4/27/2021
The grain market has exploded higher, led now by corn as expectations for South Americaís (SAM) corn crop have continued to decline the past few weeks.
The SAM corn crop was planted late, and both Brazil and Argentina have struggled at times to get rain in areas that needed it. So, the late-planted corn continues to disappoint as it nears harvest. Corn, soybeans, and wheat are all at new recent highs, but corn and soybeans have performed a lot better than wheat.†
The rally has taken on new dimensions lately, with May corn limit up to start today after a violent week last week Ė itís now traded higher seven days in a row with about $1.20 gains in that time. (Obviously, fundamentals donít change that dramatically in seven days.)
This is the most dramatic day yet, and we could have more fireworks ahead in the grain market. This is enough for a market top...