6/11/2021

Today we experienced first-hand how firm of a grip the weather has on our markets.  Despite rainfall totals in Iowa, Nebraska, Minnesota, and the Dakotas varying from only 0 to 1" total, trade felt the pressure to sell.  Soybeans were also had some lingering weakness from yesterday's ending stock increase in the WASDE report.  Overall, the weather story will continue to provide bullish support to both corn and soybeans going into next week where crop condition ratings are expected to decline.  Some areas in the western corn belt have received crop saving rains this week but eastern Iowa has virtually missed out entirely on any precipitation this week.  Weekly finishes: cash corn down 6 cents, new crop corn 20 higher, cash beans 65 lower on the week, and new crop beans 5 cents higher.  Looking forward into next week, the outlooks continue to show a bias towards dry, warm weather across the entire corn belt, with high probabilities of above average temperatures and below average rainfall.  In terms of news, it was a quiet today but this week's trade volume in corn and soybeans was some of the largest we've had since early May.  The effect of a weather market can be seen quiet easily on the spring wheat charts.  After setting contract highs early Monday morning, spring wheat continues to fall back after a parched North Dakota received good rainfall this week.