02/18/2025 Stayin Alive, Wheat and Cattle

on the grains
Good morning. Let’s start this short week with overnight action on corn, again hitting resistance at $4.97. The weather over the weekend was labeled as bearish, with better-than-expected rains falling in Argentina and Southern Brazil. The market made a run at $5.00 on Friday but failed at $4.99 3/4. We have been flirting with these levels for some time now, it feels like it is now, or never, corn. July corn puts remain relatively affordable if you are getting down to levels you want to hold to see what summer weather brings. I don’t want to come across as bearish, especially with carryout dropping, yet the fact that the continuous corn chart has rallied $1.39 off the low last fall needs to be respected.