Corn and Soybeans continue to follow this week’s trend of trade with low volume and sideways price movement. Through the overnight, corn went unchanged and soybeans are up 2 cents. Wheat on the other hand traded a bit stronger and is up 7 cents. We are seeing a bit of a surge in the wheat market due to the various crop issues lingering for major global producers. The weather forecasts show chances of scattered thunderstorms in the next couple days with a dry weekend. The weather outlook for the next 10 days shows that temperatures will remain a bit warmer and we could see scattered showers throughout the week next week. Despite some chances of showers, the forecast ultimately shows drier and warmer days ahead. The drier and warmer weather is definitely welcome as we need to collect as many growing degree days as we can with the already shortened planting season. The USDA data is set to be released tomorrow at 11 a.m. giving an update on corn stocks and corn acreage. With this data markets are expected to react accordingly and trade is expected to ramp up by tomorrow afternoon. I would recommend that producers shouldn’t allow their bullish outlooks get in the way of locking in their crop at profitable levels. Curveballs are always possible with USDA reports.
Have a great day!