Markets are stronger heading into the extended weekend. Corn is up 5 and soybeans are up 4 to start the day.
The long-range trend in weather for the Central US is still mostly dry and hot. The hurricane is breaking up the atmosphere and holding the ridge at bay, but that changes this weekend. Another tough week is forecast for bean development.
Russia’s Foreign Minister Lavrov said they see “no sign of new guarantees” on their side of the Black Sea grain export deal, ahead of a meeting with Turkish officials brokered by the United Nations; they are still looking for “uninterrupted export of their own grain and fertilizer”. U.N. officials said they had sent Lavrov “a set of concrete proposals” aimed at reviving a deal.
The markets are forming a low and I think we head higher over time. The question is what will move them higher. I do think that producers need to reset their price expectations that have been in place for the last couple years. $6 and $7 corn are not in the cards.
Have a good Labor Day weekend!