The grains are under some pressure to start off the week as some much-needed rain fell across the corn belt over the last 72 hours. The cooler front that came along with it seems to be viewed as positive for crop progress as well, which could be hampering prices this morning. Continuing on the topic of weather, there was plenty of chatter late last week that August would yield some timely rains across the belt as weather experts put together their 30-day forecasts. The current 8 –14-day tends to agree with them with above-normal precipitation predicted (see below). Obviously, we’ll see what actually happens, but it feels like today’s markets will be under some pressure due to the positive weather outlook.
Between now and the end of August, we’re going to see a slew of private crop production estimates. From Pro Farmer to Landus, the market will get plenty of information about how our crops are progressing. This, along with the USDA report on August 12th, may provide some volatility in our markets (which have been range-bound for some time now). While private estimates are fun to follow, and most of the data is boots on the ground, USDA numbers are what the futures markets pay the most attention to. If they punt next week (which they love to do) we may not get the action we’re all waiting for. However, if USDA yield estimates go up or down in a significant way, Katie bar the door.
Corn steady to down 2
Beans down 6-10