As far as market action next week, it is all weather. If last night’s 6 to 10 day and 8 to 14 day forecasts are repeated this evening and Sunday evening, corn and beans will be sharply higher Sunday night. Corn pollination will be about 10 to 15 days later than normal and that is when the hottest and driest weather of the year is expected across the Corn Belt.
The monthly USDA S&D will be issued 11 AM Central time Tuesday. We know pretty much what it will say because the June 30 reports told us how many acres were planted of what crops and the old crop inventory as of June 1st. What we do not know is the S&D numbers from all the other countries of the world.
Supposedly wheat prices are moving sharply higher because it is dry in Western Europe. Back in the day, dry weather in July sent wheat prices lower because it hastened harvest progress and reduced the chance of spouting and hail. France’s Agri-Ministry says the soft wheat crop conditions lost 1% from the good and excellent categories last week and is now 63% good or excellent with 14% of it harvested.