FOR WEDNESDAY: (8/10) Forecasts keep rain in parts of the Midwest the next few days, with severe storms likely in parts of the Dakotas. The 6- to 10-day (Aug.14-18) puts hot weather in the northern Midwest and northern Plains then, with below-normal chances for rain for much of the Midwest. Attention remains on Friday’s USDA crop report. Farm Futures’ farmer corn and soybean survey produced a corn crop estimate of 14.59 billion bushels at 168.6 bpa and a soybean crop of 3.865 billion at 46.65 bpa. USDA currently has corn at 14.54 billion bushels and 168 bpa, and soybeans at 3.88 billion at 46.7 bpa. August summer markets are hardly worth trading and pre-report paralysis makes it even worse so unless we can buy or sell very key support areas, there’s little reason to play.
Comments are closed.