Corn is trying to stay above water literally despite tariffs and favorable weather. Yesterday we saw corn close 3 higher and this morning it is trading unchanged.
The current weather maps look good but there are conflicting reports for the June 28-July 5h forecasts. Some models are showing above normal temperatures and lower precipitation. This is the period when some areas of the southern corn-belt will be starting to tassel.
There have been some yield extrapolations based on crop conditions that are showing a 180-183 bpa range for corn. A 183 yield would keep stocks unchanged from last year with no acreage adjustments. I am expecting an increase in acres on next Fridays report which could send the markets lower. It is still too early to forecast the final score(yield), but we are just about to half time of this game and the crop is has a big lead!
I would strongly advise producers to make sales and have firm offers in on old and new crop before next Fridays report. Reference the charts in our “Market Insight” section on didionproducers.com to see where the market historically trends heading into the first of July. We are still able to get $3.50-$3.60 cash for July by utilizing an accumulator contract.(call for more details)
Have a Safe weekend!