Our February prediction appears to have come true. Corn prices soared over $6 per bushel today; soybeans are over $15 per bushel. The last shoe to drop will be soybean meal at $500 per ton. If that happens by early summer, consider protein prices going even higher again if demand does not slow down. Fundamentals like the cold weather this spring that slowed planting and the lack of moisture in South America only adds fuel to the fire of this market.
All signals point in the direction of a bullish market right now, but those of us that have been around a while know things will change at some point. There will be profit taking along the way, but right now, the trend for the grain market should stay up and to the right.
