Heavy weekend rains across parts of the belt

Corn and soybeans started the week surprisingly strong last night after weekend rains were heavier and wider spread than forecasted. Rains across N Iowa, S. Minnesota and N. Illinois trimmed some of the stressed areas in the belt. The high temperatures in July and the forecasted high temperatures and below average precipitation for August is trimming the national yield numbers. Will USDA trim their numbers on Friday and if they do will they trim demand as well? They will have to acknowledge the production losses in the EU as they suffer thru possibly their worst growing season ever. Currently, the USDA has EU corn crop at 68 MMT while some private estimates are in the 55 MMT range. 10 ships have left Ukraine ports as 2 to 4 a day have been sailing thru the “corridor” but will have to see how many ships come back once they get out. For today we will watch 6.00 and 13.95 for 1st support. NFC Grain Comments Options -8.8.22 (1)

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