7/6/2022
Jul 06, 2022
![7/6/2022 7/6/2022](https://storageatlasengagepdcus.blob.core.windows.net/atlas/all-media/glaciplaincoope/commentary/2022/july-september/thumbnails/gps.jpg?ext=.jpg)
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.
![corn-chart.png corn-chart.png](https://storageatlasengagepdcus.blob.core.windows.net/atlas/all-media/glaciplaincoope/commentary/2022/july-september/features/corn-chart_5.png)
Excellent recoveries off of lows the past two sessions. Money is on the sidelines for now keeping their eye on U.S. weather.
![corn-chart.png corn-chart.png](https://storageatlasengagepdcus.blob.core.windows.net/atlas/all-media/glaciplaincoope/commentary/2022/july-september/features/corn-chart_5.png)