Corn down 4 to 5
Beans down 4 to 5
Despite the drop in the Good to Excellent (GTE) rating for corn and soybeans remaining at last week’s rating, both are trading lower this morning. The GFS weather model released last night shows the ridge weakening, with potential storms developing throughout NorthEast Iowa and Northern Illinois, giving needed rain for corn during pollination.
Beans are trading lower, basically following corn lower, with the trade watching weather into late July and early August for soybean pollination. COVID fears continue to pressure the markets, as the GDP is expected to drop over 8% this year.
Corn is now seen at 71% GTE vs. 73% last week and 57% a year ago. 10% is silking vs. 7% last year.
Soybeans are 73% GTE, same as last week, 53% a year ago. 31% blooming vs. 8% last year.
The USDA will release its latest World Ag Supply and Demand Estimates (WASDE) this Friday at 11 a.m. That, along with any and all changes to the weather forecasts will continue to drive this market. Let us know if you’d like to get any offers in ahead of the Friday report.