Good Morning!

Our markets are mixed this morning with corn up a few cents and soybeans down a few cents.  The crop progress ratings released yesterday afternoon were friendly to prices (dropping G/E in corn 9%, now the 2^nd lowest rating on record).  The markets opened sharply higher last night because of that but over time were whittled down as waves of profit taking came through in a volatile, high volume night session.

Current weather outlook continues to show stress for developing crops as the 6-10 day forecast shows above normal temps for pretty much the entire corn belt with below normal precips showing in states like Iowa, Missouri, Illinois and Nebraska.  NOAA is calling this drought the worst since 1956, there are 1,016 counties across the US that have been declared disaster areas because of it. 

Currently

Corn is 3 to 5 cents higher

Soybeans are 3 to 5 cents lower

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

Yesterday afternoon’s Crop Progress Report (LW):