The corn market gave back Friday’s gains and then some over the last 24 hours. We are down 15 cents in corn over the last two days and down 22 in soybeans in that same timeframe. This type of trade is why I believe producers should have firm offers in place to take advantage of any technical rallies that the markets may give us.
The markets will likely trader lower as traders begin to look towards Thursdays WASDE report and extended range forecasts that call for temperatures to moderate in the latter half of July.
Traders will continue to bearish the market until we see US and Chinese negotiators sit down for meaningful talks which there appears to be no solid timeline on.
Yesterday afternoons crop ratings showed US corn at 75% Good/Excellent compared to the five year average of 70%. This is 10% better than last year. Wisconsin came in at 83% Good/Excellent which compares to 75% on the five year average and 69% last year. The only states coming in below their five year average were Missouri and Kansas. Soybean conditions came in at 71% Good/Excellent for the US compared to 67% on the five year average. Wisconsin soybeans came in at 81% Good/Excellent.
Have a Safe Day!