Weaker markets continue today as corn is down 17 and soybeans are down 15.
The USDA dropped the weekly corn ratings 4% last night to 68% Good/Excellent. IA was down 14, MN down 11 and IL down 6. Wisconsin was reported at 71% G/E compared to 76% last week. National soybean ratings were down 5% on the week with 62% rated G/E. WI came in at 65% G/E compared to 72% last week.
Weather continues to be the driver in the market with cooler and wetter forecasts in the coming week. The temperature forecast is for hot temps over the next couple days, before a breakdown of the Ridge on June 20th. Temps cool out into June 25th, when the Ridge moves back in. A Tropical storm looks to shove the Ridge back out West letting Gulf moisture up into the Midwest.
Forecast changes are going wreak havoc on the markets going forward. Any significant changes for the better or worse are going to flip the markets. I don’t think the market is over as July and August are where crops are made, but I do believe the highs are in barring any dramatic change in weather. We should have another chance at selling new crop corn on any weather bounce and these bounces should be met with strong sales.
Have a Safe Day