The fresh 6 to 10 day forecast looks normal for temperature and precipitation with just a little variation on the edges. Overall, the weather might be seen as neutral for a few weeks. The August 12 crop report looms large but, there are already questions surrounding the incorporation of prevent planting acres being included in the figures. There will be doubt and argument when the figures are released.
Tonight's condition report is anyone's guess. The subjectivity of the figure is a given and more and more market participants look to the weather forecasts rather than the ratings. We are in the dog days of summer and the late planted corn may have the benefit of pollinating in moderate temperatures.
We are only a few weeks away from new crop corn getting picked in the South and Southern Plains. Spreads may stay on the defensive as we approach September deliveries for corn and wheat.
End users may elect to prudently take a little more coverage on breaks this week. We sense support as CU approaches 420 and WU 490.
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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