Crop Conditions. Weather Forecast 6/27/22
- Wright Team
- Jun 28, 2022
- 1 min read
The market expected corn conditions to lose 1% from the good and excellent categories; nope, corn conditions lost 3% out of the top two categories and the poor and very poor categories both gained 1% each.
The market expected the soybean condition to be unchanged in the top two categories; nope, bean conditions lost 3% out of the top two categories. Like corn, the bottom two categories both gained 1%.
For the corn and bean crops to lose 3% out of the top two condition categories this early in the season is quite unusual.
Tonight's 6 to 10 day and 8 to 14 day weather forecasts continue to predict much above normal temperatures and above normal rain fall pretty much from Canada to the Gulf and from the Rockies to the Eastern Seaboard.
The market expected the spring wheat condition to improve 1%; it was unchanged. Take a look at this afternoon's Crop Progress report:
Biofuel Mandate Waivers?
The G7 (seven largest non-communist economies in the world) is meeting this week.
The rumor had been the G7 would reduce or eliminate the biofuel mandates to reduce food prices. Today, the G7 said no waiver; bio-fuel production proceed without interruption.
With normal weather, we are very close to the "crop is made selloff". But given the big picture up to this minute, we do not recommend selling corn or beans nor buying puts from a market outlook standpoint. Risk management concerns and how well you sleep is different story. Corn and beans will be much cheaper come September.
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