Markets are sharply lower to start the day with corn down 13, soybeans and wheat down 23.
The 7-day NOAA forecast doesn’t have much rain in it, but private forecast are calling for a significant change to wetter weather in the 10–15-day forecast. Rains are expected to move into the East next week. The ridge is supposed to break down and let some pretty serious storms work into the Central US, which was not in the forecast when we left on Friday. Prices have fallen on the heels of this forecast.
The USDA’s first corn crop condition ratings of the year will be issued this afternoon. Conditions are thought to be in the 68-73% good/excellent range vs last year’s initial rating of 73%. While good conditions are expected to be seen, dryness concerns in the eastern corn belt could set things back in the coming weeks.
Due to Monday’s holiday, this week’s regular USDA reports will be delayed one day from their regular release days. Accordingly, Export inspections and crop progress will be out today, and export sales will be out Friday. The EIA’s weekly ethanol data will be delayed until Thursday.
I think the market is bottoming and should recover from today’s losses, but weather will have to be the mover.
Have a Safe Day!