A July weekend of weather forecasts predicting two weeks of moderate temperatures and above normal rainfall for the Corn Belt will always give you sharply lower prices like we had on Monday.
When it is July and rain is predicted for Iowa, corn and beans prices will be lower. Never forget that. Weather forecasts change, the market will get oversold, basis will firm, and traders with common sense will buy futures on the dip. Yesterday was not nearly as terrible as it felt.
As expected, the nation’s corn and bean crop condition ratings lost 2% from the good and excellent categories last week. The spring wheat crop lost 7% from the top two categories.
Corn is rated 55% good to excellent compared to 61% last year, which yielded 173.4 bu.
Soybeans are rated 52% good or excellent compared to 60% last year, which yielded 49.55 bu.
Spring wheat is rated 42% good or excellent compared to 70% last year.