Markets were mixed through the overnight of trade with little volume. Corn is currently trading unchanged and soybeans are down 4. The markets continue to trade range bound with traders eyeing the U.S. forecast and waiting to see what happens with the China trade discussions that are set to resume early next week. It definitely feels like the bulls and the bears are in wait and see mode regarding the August report that will be released on the 12th. Even though that report is just over 2 weeks away, it seems like either side is not willing to stick their necks out too far with some uncertainty remaining still. Unless we see a big change in weather or a big step forward or backward in the trade negotiations with China, I think the trade dynamics we have seen this month will continue. I expect the markets to continue to trade in the established range and any price movements will be due to changes in weather forecasts or technical indicators. Going forward, we will continue to monitor weather forecasts and look for any update with international affairs. My advice to producers is to call and discuss opportunities of marketing your crop, especially before the August report gets here. With the way this year of trade has gone, it isn’t fair to rule out any more curveballs being thrown our way.
Have a great day!