Markets are quieter this morning with corn up 1 and soybeans down 4.
The 10 day rain forecast for the Midwest has rain of up to two inches for Iowa and heavier amounts seen in Minnesota of up to 3-4 inches. Missouri, Illinois, Indiana and Ohio are on the dry side. Some rain fell in Northern Illinois last night, parts of Central Illinois saw pop up showers. The 7 day forecast by NOAA is a little wetter than what the EU is showing. Temps will warm up out West to very hot levels again. We will see some 90’s in Illinois, but the East continues the trend as cooler than the Western Plains.
If the weather matters, it would be viewed as bearish with rains falling in Iowa and parts of Illinois. Crops are pretty far along with all the heat we saw this year and we had one of the earliest planting dates in years. China has been showing up for bean purchases just about every day since the beginning of August. They still have many cargoes to buy which will underpin the bean market on breaks. There isn’t a big story to drive prices higher. The Fund position in corn and beans has mostly been the same in August. Look for the markets to be choppy heading towards the end of the month.
Early yield reports out of Southern IL are strong with 221 bpa being reported yesterday in Bond County IL. This producer is expecting to break his farm record this year. His APH is in the 180’s.
Have a Safe Day!