Weather a driving force for prices
NORMAL – Weather will be the main driver for the markets from here on out, according to Pete Manhart with Bates Commodities in Normal.
Except for outside factors around the world, weather basically dominates markets this time of the year.
“The world has plenty of corn, beans and wheat. It’s just where do you get it and where is it available,” Manhart told The Central Illinois Farm Network Friday.
The U.S. wheat crop will not be as big as normal due to less acreage. Corn acres are down as well and soybean acres are up. Manhart believes the South American political turmoil could continue impacting markets if it causes Brazilian farmers to sell more of their soybeans.
“They sold a bunch of them in the last couple of days,” Manhart said.
Manhart believes replanting could impact markets down the road, but traders aren’t watching that just yet.
Bates Commodities can be reached at 1-800-779-1515.