Markets are quiet this morning with corn unchanged and soybeans up 5. As we roll along thru summer, the traders have been fairly quiet, and the markets have become rangebound. I would expect this will continue leading up to next Thursdays USDA Crop Production and WASDE report. I would expect volatility to continue post report as the markets learn more about the potential crop yields and try to predict where things will end up.
Certain areas of the country are seeing basis levels strengthen while others are seeing weakness as end users get covered. Locally things are starting to weaken as the crop matures and harvest appears that it could start 1-2 weeks ahead of schedule. I would advise anyone holding old crop corn to get it sold in the cash market or get a basis contract in place. Carrying old corn into new crop is between $..70-1.00 discount.
As for the weather, not much has changed in the forecasts today. Models agree and call for above average temps and below average rainfall for much of the country’s growing region for the next two weeks.
Have a Safe weekend.