FOR MONDAY: (8/15) In typical fashion the trade took profits on the bearish report and the worst may be over now. USDA expects a record 15.15 billion bushel corn crop, a 4.06 billion soybean crop and 2.32 billion bushels of wheat. The corn and soybean numbers topped all forecasts in some pre-market surveys and sent corn futures to contract lows before they recovered. National Weather Service notes current forecasts favor rain and mild temperatures through next week. Heavy rain is expected in the Ohio River Valley the next few days and has the National Weather Service posting flash flood warnings for southern Indiana and Ohio.
The 6- to 10-day outlook (Aug.16-19) has normal to above-normal temperatures for the Midwest and northern Plains with above-normal chances for rain for much of the Midwest. Usually grains recover in August and cycles are a bit more bearish on Sunday than Monday, that may give us a chance to get in.
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