7/6/2022

Jul 06, 2022


7/6/2022
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.
corn-chart.png

Read More News

Jul 18, 2024
Another day of tough sledding for corn. There was some brief trade to 1 higher but we quickly went backwards into negative territory, closing just above the current contract lows. Soybeans were lower overnight and then...
Jul 17, 2024
It was a fast start to trade overnight with corn making a little surge to trade 3-5 higher and soybeans 7 higher.  Corn was able to hold on to improve 2-3 cents on the day but soybeans swung all the way back to the red side of...
Jul 16, 2024
Soybeans are now priced off of the November futures.  Corn and soybeans enjoyed a day of higher trade and posted modest gains of 2-5 cents.  The weekly crop ratings report was unchanged from the previous week with...