Good morning!
The corn and soybean markets ended up mostly lower last night with no changes to weather forecasts. Spotty rainfall is still projected for part of the Southern and Eastern corn belt this weekend while the rest remains dry. The 7 day forecast is still void of rain which should keep new crop corn and beans supported. The bright side is that next weekend a front is expected to move into the Midwest – bringing cooler weather and much needed showers & thunderstorms. Current estimates (hard to put much stock into this just yet) are for .5” – 1.25” of rain across MN, IA and a good portion of the Eastern Belt. If this system grows/shrinks the markets will adjust accordingly.
China was in again this morning buying some new crop U.S. corn – working to replenish their depleted domestic reserves. Our corn is still pretty high priced for new crop – but it appears that China was ignoring cheaper offers out of Brazil and Ukraine, possibly basing their decision more on consistent/reliable operations than price (at least for today).
This week has actually been pretty decent for growing conditions across most of the U.S. with warm sunny days and cool nights providing a heavy dew. Monday afternoon’s crop conditions report could/should show an increase in good-to-excellent ratings. To continue that trend though, we will of course need some rain.
Opening Calls
Corn 2 to 3 cents lower (although could pop higher with news on China)
Soybeans steady to 3 cents lower
Have a great day!
Dustin Weiner
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