Corn is up 4 and soybeans are up 14 this morning as traders continue to move up and down on weather models and crop deterioration which was confirmed by yesterday afternoons condition report. There is some support from rumors of Chinese interest in corn and soybeans for the December thru March timeframe.
Monday’s crop conditions fell to 64% G/E which is down 1% from the previous week with 79% of the crop silking. The Dakotas and Minnesota continue to be the poorest areas in the Midwest.
The 10-day forecast has a little bit of rain showing up in Southern Iowa and Northern Missouri this morning. The rain is projected to show up out West this Saturday the 31st. Coverage over the next 10 days looks to be less than 40% of the US growing area. Hot temps have moved into the US and will hang around until the ridge retrogrades back out West this weekend. Overall, it stays pretty hot in the West with some mid to high 90’s making their way into the Central US. As I said yesterday this forecast is one that makes crops smaller, not bigger and this heat is going to take yield out of the corn, beans and wheat. The GFS is also a little drier than the EU, and if it proves correct will smoke the Spring wheat crop to finish the season. There is no rain from the Dakota’s West and up into Canada.
Have a Safe Day