By Farms.com
With the spring planting season fast approaching, the US agricultural markets are experiencing a notable turnaround. Corn futures, which recently dipped to one-month lows, have made a comeback thanks to technical buying and an optimistic outlook on weather conditions vital for the upcoming planting activities.
Soybeans, similarly, affected by initial demand and supply concerns, have seen prices rebound, while wheat has recovered from its losses, buoyed by technical buying. This positive trend comes as the agricultural community keeps a close eye on weather patterns in the Midwest, which are expected to improve soil moisture and temperature conditions, beneficial for the planting season.
The recent decrease in the dollar index has also lent support to the grains market, making US exports more competitive against those from South America and the Black Sea region. Domestically, the condition of the US winter wheat crop has been rated the highest in five years, with forecasts predicting beneficial rains for wheat-growing areas.