Markets are down 4 in corn and up 10 in soybeans to open the day.
Yesterday’s strong markets were driven by the funds as they added to their long positions with the start of a new month and talk that China would continue to buy and take delivery of previous purchases.
In yesterday afternoons first crop condition rating for the season, the US corn crop was rated 76%. Below are where the major corn producing states came in:
NE = 88%
IL = 80%
IA = 81%
OH = 79%
MN = 76%
IN = 74%
WI = 81%
There are several stories of producers having to re-plant frost damaged beans and corn from last weeks frost, but these areas are very limited and will have little to no impact on the markets. I toured a large portion of our draw area over the last 3 days and saw very few areas of great concern. Most of the damage I saw was corn plants with nipped leaves or areas that the plant had already begun to shoot new leaves.
The US weather forecast into June 12 has taken a lot of the rain out. Heavy rains will fall in Texas and on over to New Orleans. Amounts of up to 7-10 inches are expected. The Central and Western Midwest opens up with a high pressure ridge building a dome that pushes the precipitation to the far North and South. There are some spotty rains in the Northwest of North Dakota. One of the private forecasts that I follow has more rain in it than this model. They have a storm showing up on June 11th and moving through most of the Midwest for the next few days.
Have a Safe Day!