We’re starting off on a lower note today as corn and soybeans give back some of the gains they made this week. A lack of fresh feed for the bulls feels like the culprit with minimal change in the weather maps to start the day. As we all know, the weather can change in the blink of an eye, so we’ll be watching for the mid-day report. Many in the trade will be looking to the 8–14-day forecasts in the coming days while we roll into the month of August. Whether or not we get a few timely rains next month could make or break the balance sheets (especially soybeans). As of today’s 8–14-day, rain looks to be in the future for a majority of the corn belt, but that is a long way away.
We continue to pick up chatter about the ongoing struggles in South America. Brazil’s corn prices are surging while they try to tally corn production totals. With that number continuing to fade, just how much corn they will be able to export is up for debate. Corn bulls will tell you that the moment they can’t execute, any unshipped sales will point toward the U.S. If that’s the case, we’ll need to grow every bushel we can to meet world demand, along with our own. Pretty exciting stuff! I hope the weatherman is right, and we finish out this growing season strong.
Corn down 4-5
Beans down 11-14