The markets are slightly higher this morning with corn up 4 and soybeans up 6. Weather concerns around the world have pushed prices, with crops getting smaller in some areas.
As of last week the Brazilian second crop corn harvest reached 49%, in increase of 13% over last week but still 55% behind the 5 year average. Due to dry conditions and no rain to speak of in the forecast, many farmers are choosing to let the crops naturally dry in the field saving on cost. The Brazilian second crop is currently projected at 57.1 mmt, down over 10 mmt from last year.
There is a lot of talk about how good this corn crop will be and so far it does appear to be racing towards the finish line without many issues. Many expect the yields will be comparable to last year if not larger. There is some concern that the absence of heat may have kernel depth and ear weights lower than last year that will keep us from reaching the full potential.
The US Midwest forecast has precipitation running less than average the next 10 days with temperatures expected to be warmer to above average. The 11-16 day forecast has ridging for the central 2/3rds of the country bringing above average temperatures and below average precipitation to most of the Plains and Midwest.
Have a Safe Day!