Soybeans are the story this morning with soybeans close to summer highs. New crop contracts have made new contract highs. The market is telling farmers to plant more soybeans. The Argentine weather continues to drive the soybean market. The question is whether or not the Brazilian crop will be big enough to compensate for the smaller Argentine crop.
Weather is also impacting both the corn and wheat market. For wheat, it's a lack of moisture and for corn, it's too much. The forecast remains dry for the U.S. winter wheat region and there will be an update this afternoon from USDA on winter wheat condition in major states. The corn market is being impacted by major flooding on the Illinois River system.
Outside markets are ignoring the trade kerfunkle as it looks like Wall Street is headed for ore gains. The weaker dollar is giving a lift to gold.