Corn is down 24, soybeans are down 25 and wheat is down 32 to start the day with just enough rainfall over the last couple days and forecasts for more to come! Even though the ratings dropped, there is just enough rain around in the forecast to drop the market.
Corn condition ratings fell by another five points this week to 50% good/excellent, down from 67% both last year and on average; corn silking was initially reported at 4% done.
Soybean ratings fell by 3% to 51% g/ex, down from 65% both LY and on average, with emergence and blooming ahead of their comparable metrics at 96% and 10%, respectively.
The GFS is wet this morning, adding rain to Illinois as well as most of the crop area in the central US. The EU model is not quite as heavy on coverage in Illinois and with little coverage in Iowa, Minnesota and Wisconsin. A ridge is expected to develop later this week and after it breaks down some rain will move across the US this weekend.
This seems like a lot to be down, but the GFS says it’s going to rain, and the Funds are dumping their longs. We have a crop report on Friday that will also add to the volatility in the markets. We had some issues in North Dakota with planting, so there may be some prevent plant, otherwise most all the corn acres went in. I can’t say that we won’t have more opportunities to market above the current levels, but producers have been sitting on their hands because they think its dry may have missed the boat. The markets rarely wait for the rain to fall before taking premium out of the markets. You must be proactive and market when opportunities are presented. Be prepared and get offers for old and new crop in with your buyers today! We have a crop report on Friday, and we are headed into the pivotal 4th of July weekend.
Have a Safe Day!