Wake Up Call Allendale Advisory Center: Grain markets are lower on profit taking as traders have a risk-off attitude. Chinese and Malaysian soy and palm oil markets are lower weighing on CME prices. The US Dollar finds strength as crude oil and stock indices are all lower in early trade today.
Rain is causing US corn planting delays, and with the current price improvement in soybeans, the trade is already talking about more shifting acres. We are hearing active talk of a 1 to 2million acre shift, up from the pre-rally discussion of 750,000. Our customers are switching spring wheat to soybeans in MN. A customer said he heard the market report on Tuesday while he was planting wheat. He came to the end of the field, emptied the wheat out of the drill and replaced it with soybeans, and planted soybeans on the balance of his acreage.