Our markets are sharply higher again this morning after another hot weekend with disappointing rainfall. The temps did cool down (back to normal) for this week, but unfortunately for crop sizes – no rain is in sight. The outside markets are negative this morning, but that doesn’t really matter – we are still tied to weather and it is bullish to prices.
Crop ratings will be out this afternoon after the markets close, the trade is expecting a 5-7% drop in G:E ratings across the board. The USDA releases its monthly S&D on Wednesday. Yields will fall, but probably not by as much as traders feel they should – this report will be as of July 1st and weather has continued to wreak havoc since then.
Currently
Corn is up 30-35 cents
Soybeans are up 40-45 cents
http://www.fccoop.com/markets/information.cfm
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