Good morning!

It has been a wild morning so far, both corn and soybeans are trading at new contract highs as the weather forecasts remain bullish.  Too hot.  Too dry.  The crop in the west is now starting to come under question as ‘feels like’ temps are back in the triple digits this week.  There are some rain chances for mid-week this week but they aren’t expected to amount to much more than a ½”.

The outside markets are a negative input this morning but nobody seems to care about that today.  Demand is also probably weakening at these new highs but nobody cares about that just yet either.  Until the crop stops getting smaller the bulls should have their way.  Weekly crop conditions are out this afternoon, the trade is expecting a drop in G/E ratings of 4-6%.

Currently

Corn is up 25 to 30 cents

Soybeans are up 30 to 35 cents

http://www.fccoop.com/markets/information.cfm