Jul 06, 2022

Corn and soybeans tried to bounce higher overnight with beans seeing some 20 cent higher trade and corn around 7 cents higher. The short rally was sold heading into the coffee break and we spent most of the day bouncing around on either side of unchanged. A severe weather system moved through South Dakota and parts of Iowa, Minnesota, and Illinois yesterday which offered some short-term incentive to buy the overnight with talks of large hail and damaging winds but it turned out to be mostly just talk. We end the day on a sort of "Hail Mary" 2-7 cent higher finish on corn and 1-7 cents better on soybeans after fresh weather outlooks favor hot and dry for the second half of July. I don't know if I'll ever understand why the market always acts surprised about heat in the summer. The weekly crop conditions report showed an expected decline good/excellent in corn of 3 points to 64%. Soybeans considered good/excellent were lowered 2 points from the previous week to 63%. More importantly, corn and soybeans are both viewed as 9% poor/very poor, meaning 90+% of the crop is currently average or better.

Excellent recoveries off of lows the past two sessions. Money is on the sidelines for now keeping their eye on U.S. weather.

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