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Highlights, Fertilizers, Markets & Rain Days Update 7/5/22

Highlights


Yesterday, corn on the Paris futures market was up 12¾ US cents per bushel, wheat was up 36¾ US cents, rapeseed (an oilseed) was down 9 US cents and, on Winnipeg’s exchange, canola (an oilseed) was down 55¼ US cents per bushel, which does not make any sense to us.

There is no question this afternoon's corn and beans crop ratings will be lower and probably more than the 3% last week, maybe as much 5% to 7% out of the top two ratings.

Yesterday afternoon, Sanford, Manitoba, just north 50 or so miles north of the US North Dakota border, received 4.3 inches of rain.

We really do not have an absolute opinion on how the grains will open this morning at 8:30 Central, but it appears they should be higher, at least the corn because pollination is two or less weeks away and it will be hot with normal rainfall between now and then. Certainly, rainfall totals across the Corn Belt were less than expected when the market closed Friday.

Rainfall map for the 24 hours ending Monday morning:

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