The weather maps over the weekend changed slightly, with better chances for rain showing up in the 6-10 day forecast and beyond. It still doesn’t appear to be “wet” by any means and there are many in the trade doubting whether the right amount of rains will fall in the right places on the map (primarily the center to NW part of the belt) at the right time. There will be a lot of eyes on this afternoon’s crop progress report, and with the 100-degree heat coming this week to the area’s already stressed by drought… next week’s report will be even more interesting.
So overall for today, the trade will be sifting through various weather reports trying to find an edge. There were a few surprising showers that popped up over the weekend (at least on radar) to the north of us that vetted a bit today, also to see how helpful they were. However, let’s be sure we don’t forget that this rally was started by demand, and the export demand picture lately has been pretty slow. To really shoot this market higher (outside of additional weather premium needed) we may have to see some of that demand show back up again.
Corn is 3 to 6 cents lower
Soybeans are 9 to 13 cents lower