Markets traded a bit higher through the overnight session as traders reacted to the lower than expected crop ratings from yesterday’s report. The national corn rating fell a point to 57% GTE (58% GTE expected, 58% GTE last week, 71.4% 5-year average) and the national soybean rating went unchanged at 54% GTE (54% GTE expected, 54% GTE last week, 67.2% GTE 5-year average). For Wisconsin, the corn rating came in unchanged at 60% GTE (60% GTE last week) and the soybean rating came in a few points lower at 62% GTE (64% GTE last week). This morning, the disappointing report seems to have been shrugged off and traders have moved on from the data because it really didn’t give a better indication on where this year’s corn yield will end up. Corn is currently down 3 and soybeans are down 5. Moving forward, weather continues to look non-threatening for much of the U.S. growing region. This week in our area we can still expect cooler temperatures and drier conditions. Forecasts show better chances for rain in the 6-10 day time frame. In the days to come, traders will stay focused on weather conditions and any technical indicators as they wait on the new USDA information. At the least, I would advise producers to put in firm offers with their buyers on old and new crop as the next few weeks leading up to August’s report are expected to remain volatile.
Have a great day!