Yesterday’s mid-day GFS weather update added precipitation exclusively for the I-states and Ohio.
December corn traded down 3 to 5 cents most of the trading day yesterday and then made new contract lows one hour into last evening’s trade. So, the technical picture went from a slightly friendly indication the low may have been made to the downtrend is still intact. Futures prices seem to always weaken going into the option expiration day, which is today for August options.
Yesterday’s updated weekly drought maps show the drought area expanding in Minnesota by 17%, Missouri by 11%, and Iowa by 2%. Drought conditions were reduced by 10% in Indiana, 4% in Ohio, and 16% in Illinois.
Yesterday afternoon, it was announced a deal would be signed at 8:30 AM Central time today to resume exports from Ukraine’s ports. No other information is available. Will insurance companies and merchant seamen risk it? War is all about sinking cargo ships and killing people.