Wet Weather Risks Growing Grains

The grains are universally stronger today, after continuing wet spring weather is starting to worry the market regarding the vitality of this year's grains crops. This chart for corn is representative of the three major grain futures this morning. Corn has rebounded so strongly today that the weakness shown last Friday has completely dissipated. The continued farmer strike and break-down in talks with the government in Argentina are also providing price support for soybeans. Short covering might possibly also be a contributing factor today.