Good morning!
Our markets fired up last night and were sharply lower as the funds continued to liquidate (sell) their positions. But as the overnight session drug on, corn and beans slowly started to recover their losses and are now trading higher. The extended forecasts may have turned a touch wetter yesterday but - overall this lack of rainfall mixed with extreme heat is still affecting yield. As long as yield is perceived as going down – it will be hard to completely sell this market off.
The outside markets are supportive for the first time all week as the dollar is lower and the DOW is higher. This is also aiding the recovery.
Currently
Corn is 8 to 10 cents higher
Soybeans are 20 to 25 cents higherhttp://www.fccoop.com/markets/information.cfm
Drought Footprint from NY Times:
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