FOR WEDNESDAY: (7/20) We warned you how these bullish forecasts can quickly change. The NWS’s latest weekly and 6- to 10-day (July 24-28) outlooks indicate this week’s hot weather of 90 and 100-degree highs will be brief, likely lasting through Friday, with next week’s highs expected in the 80s.
Also, rain last week and through the weekend put crops in good position to weather this week’s heat. Patterns suggest very oversold conditions for Dec wheat at 438 and Nov. beans at 1021 and Dec. corn to max. 342 so that some short-covering may develop and maybe the reality of the heat in Chicago will get those traders short-covering. Meats are moving toward congestion ahead of monthly reports.
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