Markets are currently down, but are expected to remain steady throughout the day. Corn is down 2 cents and soybeans are down 9 cents. Through the overnight of trade, markets seemed to have consolidated a bit after the weekly crop progress report was released yesterday afternoon. Crop ratings came in essentially unchanged from the prior week’s report. Corn remains at 56% good to excellent on a national level and Wisconsin corn is right at that mark with 56% good to excellent as well. To a bit of a surprise, we did see some big drops in the ratings of the ECB states with IL dropping 5% good to excellent, IN dropping 4%, and OH dropping 8%. However, those drops in ratings were made up from the increases we saw from the corn out west and that is how we remain unchanged on a national level. Soybeans came in at 54% good to excellent on a national level and 61% good to excellent here in the state of Wisconsin. With the markets now moving on from last Friday’s acreage/stocks report and the fact that the re-survey data won’t be here until August, I think the attention will shift back to the weather. The yield debate will definitely be brought into the spotlight in the weeks to come. The weather outlook does seem to have more normal temperatures on the horizon and above average precipitation. Most are viewing this as ideal weather for early crop development, which will probably keep the markets from entering into any rally soon. Weather will definitely be the big driver of the markets here in the next few weeks since yield will be determined from how this corn develops. I would recommend calling in the next few days before the holiday to discuss opportunities of locking in old crop or new crop at profitable levels.
Have a great day!