Good morning,
Corn is down 2 and soybeans are up 6 to start the day.
It feels like the market is beginning to level out. The June planting & stocks report is still being digested and disputed, but we are moving on. Going forward, the weather will continue to dominate the market until new crops come out of the field. We will likely see harvest begin in the Deep South within two weeks. National crop conditions remain above the five-year average, hot temperatures are pushing the crop along quicker than in a typical year, and this may put additional pressure on basis values in the south, which will work its way north.
Limited traders today and Friday could lead to some volatility in the markets today considering tomorrow the market is closed in celebration of Independence Day and several will make it a four-day weekend.
As I noted earlier this week, once we hit the Fourth of July it becomes difficult for the markets to rally. Make sure you are getting sales on the books for old and new crops before we see a $3 in front of the cash bid.
Have a Safe Day!
Garry Gard
920-348-6844
