Friday, July 13, 2012

Good morning!

Our markets are higher this morning as Dec corn broke through the contract high set shortly after Wednesday morning’s S&D report, making another new contract high today!  The drought seems to be worsening as the temps are turning extreme once again and next week looks mostly dry.

The outside markets are also in our favor today as crude and gold are higher while the dollar is mixed.  Today is Friday which means we have another “weather weekend” in front of us.  The recent trend has been for the longs in our grains to take profits on Friday afternoon, watch the weather over the weekend and if no changes are made – the money flies back in Monday.  If that holds true again, we could see a setback later today.

Currently
Corn is 10 to 15 cents higher
Soybeans are 20 to 25 cents higher

Here is the recent drought monitor, recorded Tuesday, released yesterday:

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