Drought Intensifies in Minnesota; Weekend Rainfall Needed; Dryness Probable Across Plains/Upper Midwest into late July: The weather forecasting models lack agreement on exact precip amounts and locations expected this weekend. The GFS is by far the wettest, with rainfall of 1-3” to blanket all of Iowa and crop areas eastward. The Canadian model keeps soaking…
Brazilian Soybean Cash Market Rising Quickly; Shift in World Demand Looms: Brazilian soybean fob basis continues to rally as supplies there are quickly exhausted. Brazilian exporters in recent years have demonstrated a pattern of flooding the world marketplace at harvest, which triggers domestic supply tightness by August. This pattern looks to be repeated in 2021…
NASS surprised traders on Monday by lowering national GD/EX crop condition ratings. The market was prepared for steady/higher ratings following a week of widespread rain and cooler temps. Instead, conditions slipped 1% to 59% GD/EX. The chart shows that conditions have been below the long-term average for 4 consecutive weeks – and well below last…
Soybeans End Mixed on Old Crop Strength: July soybeans gained 4 cents and the rest of the market was 1-8 cents lower on limited market news. However, the 100-day moving average again held as support for November soybeans. At the June low, nearby soybean oil was more than 18 cents off the early month high.…
Corn Market Keeps Focus on Midwest Rainfall; Ethanol Production Scores 1.5-Year High: The market continues to trade 5-day Central US forecasts exclusively, with the midday GFS pushing needed rainfall into western IA and eastern Kansas. The performance of rainfall this weekend is critical as June’s pattern returns to the Plains and NW Midwest in mid-July.…
