Our markets are all higher this morning as the warmer/drier forecast for the Midwest from last week didn’t change over the weekend. The maps are now stretching out into early August, which of course remains concerning for the NW part of the corn belt, in particular, and triggered another round of buying. At one point early this morning corn and soybean futures were carving out some large gains (corn +15c, beans +25c); both commodities are still trading in positive territory but that market has given some of those gains back.
Other than weather, I’m sorry to say that there really isn’t much for new news this morning. The outside markets are all struggling a bit ($U.S. is higher while Crude Oil, the DOW and gold futures are all trading lower) but that hasn’t slowed us down yet. Make no mistake about it, the weather maps are in the driver’s seat and the fresh midday forecasts will likely be what drives price action into the close. One more thing of note, this afternoon there will be another update on U.S. crop ratings. The market isn’t expecting many changes from last week, give or take 1% either way in the good-to-excellent categories.
Corn is 6 to 8 cents higher
Soybeans are 5 to 7 cents higher