Markets are mixed this morning with corn up 4 and soybeans down 1. Traders are preparing for tomorrows reports and a holiday shortened week. Tomorrow at 11am the NASS stocks/seeding report will be released which will give us the final acres planted for this year. Expectations are slightly below the March report for corn and up for soybeans. The average corn acreage guess is 95.2 million acres vs. 96.9 in March and 89.7 in 2019. Soybean acres are estimated at 84.7 million acres vs. 83.5 in March and 76.1 in 2019.
The stock market is higher this morning as trader’s debate whether the rising number of Covid positive tests will lead to the FED providing additional stimulus money. Further economic weakening is expected as the coronavirus infections spike both here in the US and around the world.
A normal weather outlook is forecasted for the next two weeks. Fortunately the driest period appears to be over the 4th of July weekend when a high pressure ridge settles over the Midwest. Extended outlooks offer near normal rainfall as well as moisture pulled up from the Gulf. Any extreme heat will be limited.
Todays “fund short covering” rally in corn will be short lived if the USDA reports come in as expected tomorrow. Make sure you are making sales on this short rally and get firm offers in for new crop sales.
Have a Safe Day!