Good morning,
Corn is up 3 and soybeans are up 2 to open the day following yesterdays massive selloff in both commodities.
Last night’s storms in Northern IL may go down in history as one of the most prolific tornado producers in the Chicagoland area ever. At one time, there were 16 tornado storms as they approached the suburbs. The possible derecho started in central Iowa around 4 pm and is now approaching the Ohio River. The storm has lost its wind intensities, but there are still flood watches posted from the associated heavy rains. Damage reports are just coming in and it is hard at this time to determine if there was significant crop damage. Regardless of damage reports, it is not going to be in a large enough area to impact the markets.
Corn and soybean condition ratings were steady this week at 68% good/excellent each; the former remains above 57% last year and the 62% five-year average, with the latter ahead of 55% LY and the 60% 5YA.
Rains cover up the Southern US this week and there is no evidence of a dome in the Central US. Some heavy rain fell overnight, mostly in Illinois. When I look at the 15-day forecast the heat stays out west, leaving the east normal for temps.
Have a safe day!
Garry Gard
920-348-6844
