Corn Extends Post-USDA Report Correction; Crop Ratings Flat
CBOT corn fell another 8-9 cents amid favorable US weather and disappointing demand. Anxiety over will persist over harvested acres, but until NASS’s resurveyed acreage number is available (August) Central US weather will be priority number one. US corn crop ratings were unchanged at 56% GD/EX. Further declines we reported in; IL, IN and OH.…
Wheat Ends Sharply Lower; Implied Feed Demand Falling
Sep CBOT wheat ended 16 cents lower; Sep KC ended down 19. Higher than expected corn acres and non-threatening weather raises the burden on the cash wheat market to find elevated feed consumption. Reported HRW yields remains large and in some places near record high. US & Northern Hemisphere harvest pressure is ahead. The US…
Central US Forecast Cooler late-July, Overall Favorable
The forecast models maintain a pattern of near normal precip and near to below normal temps into the second half of July. Most important is that heavy rains into the weekend will be confined to the Dakotas and Canadian Prairies – where it’s most needed. The projected 7-day change in soil moisture is attached. An…