Markets have opened higher this morning due to the big shift in the extended weather forecast. Corn is currently up 2 and soybeans are up 3. Traders are definitely eyeing the hot and dry weather forecast that is expected to linger across much of the Corn Belt for the next 2 to 3 weeks. This is a pretty big shift in the weather pattern for much of the U.S. This change in weather should be beneficial for root depth and early crop development initially, but with the lack of rain expected traders are nervous to how this will affect yield. With the yield disputes still in question, markets will be extra sensitive to any weather concerns going forward. We will have our weekly crop progress report released this afternoon after the close of trade and this Thursday the July WASDE report will be released. We will see if any improvements in the crop conditions are enough to quell some of the fear regarding the yield debate or if the hot and dry forecast will keep the trend higher. If you are still sitting on any old crop corn, I would consider selling some amount as we are seeing better prices for the nearby months rather than the deferred. Also, I would recommend getting some new crop corn on the books and locked in at profitable levels that may not be here by the time of harvest.
Have a great day!