PM Comments 8/4/2014
Monday, August 4, 2014, 4:08 PM
Submitted by: Joel Pudenz
Short covering and drier weather propped up corn and soybean futures today. The dry weather pushed national corn ratings down 2% in the good/excellent category to 73%, which is what the market expected. Soybeans remained unchanged at 71% good/excellent – also within trade expectations. Rain is forecasted for most of Iowa this week, which will all but finish off the corn crop. This rain event (and a couple more just like it) will be essential for soybeans in Iowa to live up to their full potential. A handful of private crop size predictions will be released in the next few days, most of which are expected to show record production numbers. Expect this weather driven market to react quickly to any changes in forecasting – especially if predicted rain events don’t materialize.
Have a great night!
5-day Cumulative Precip Forecast