Grain traders have shown reluctance to build additional weather premium into futures at this point, but temperatures returning to 100 degrees or more this weekend and into next week can certainly change that. Bottom line analysts say December corn needs consecutive closing over $4.76 to keep the upward momentum in place.
August is soybean month, but another forecaster is holding steady on the national yield at 53 but says even if we have a one-bushel decline to 52 bushels per acre nationwide, that lowers ending stocks from $310 million to near $270 million. This is the bottom-line report. Hard red spring wheat tour ends today.
September Minneapolis wheat looks overbought in our view. We would look for the $7.10 level to hold.
Audio Reporting by Mark Oppold for Southeast AgNet.