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Tidbits, Weather, Crop Conditions, ENSO, Export Inspections 7/9/24

Highlights


The first sentence of yesterday’s report was:

"Sunday’s weather forecast indicates remnants of Hurricane Beryl will probably bring some rain to the Eastern Corn Belt over the next 7 days, where rain is really needed."

We should have added, "That means corn and beans will be smartly lower today."

 

We certainly did not expect the magnitude of the losses we saw, but a test of the contract lows on December corn at $4.12 would not have surprised us. Instead, December corn made a new low at $4.05¾. It makes very little sense that winter wheat would be down 15 to 20¢.


About two-thirds of the winter wheat is harvested and the last thing standing winter wheat needs right now is rain.

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