Grains slump to start Tuesday
Bearish news from early spring fieldwork progress and a separation from mostly bullish outside markets has sent the grains lower Tuesday in early trading after a lower day Monday.
In early trading, the May corn futures contract is 11 cents lower at $6.52 1/2 per bushel, May soybeans are 16 cents lower at $13.50 1/2 and May wheat's 8 1/2 cents lower at $6.43 3/4 per bushel, according to Barchart.com.
Analysts say a lower close Tuesday could confirm that a short-term spring top is in for corn and soybeans, especially as fieldwork and some planting is well underway in the Corn Belt.
"There really isn't a lot of information and I'm wondering if we are positioning ourselves to go higher later in the week. Or is the rally over?" says Agriculture.com Marketing Talk veteran contributor giolucas. "Who knows...but I am buying the dips. I'm hoping it goes up."
Adds Marketing Talk senior contributor 4wd: "Methinks the trade is turning bearish with all the talk of ground working perfectly, last of the NH3 going on, corn-on-corn fields everywhere, trees budding, green-up of lawns, early planting talk, and nice, widespread rain showers. Who wouldn't turn bearish?"