The 8 to 14 day National Weather Service forecast continues to predict hotter and drier conditions in the Western Corn Belt in early August.
Long-time grain trader, Brian Wilson, reports the most accurate corn yield model the past 5 years has US 2022 corn yield at 171, six bushels less than the USDA used in the July S&D. He said, “This should be enough to scare the biggest bear to the sidelines.”
There has been very little talk about the corn revenue insurance rate is in the $5.90 area. Not much incentive to sell new crop corn below that price.
Weekend comments from clients:
North Central Indiana: “3½ to 4" pretty much everywhere around here.”
Extreme Northeast Illinois: “We caught almost 2 inches in a 20 mile wide band between yesterday and this morning, south caught 0.7 inch and about same to north along Wisconsin border. Further north caught more, but lots of nasty winds. We will start fungicide this week, small amount of tar spot showing up. We are in the hot zone, the proactive guys are budgeted to treat other guys saying nah. Thirty-inch bean rows are finally almost closed, lots of disease in beans, nematodes along with phytophthora. Wheat was all over the board. Quality was excellent.”