Hot, dry weather verified across much of the northern growing areas over the
weekend and the markets reacted jumping higher out of the gates. Corn and
soybeans had put on a good chunk of premium last week up 26 cent in corn and
53.25 cents in soybeans. The US is currently dealing with dry weather issues while the drought
conditions during Brazil’s Safrina growing season are coming home to roost.
Informa dropped their total Brazilian production estimate to 88 MMT. These
numbers continue to trend lower and the market is trying to price this in as well as
damage to US production. We will get the first soybean crop condition rating this
afternoon and the second corn rating that is expected to drop 2 percent to 74 GTE.
The forecast for trouble areas is not looking any better for the short-term and crops
that were looking good early are backing up. The markets should be supported up to
See attached report for more information on outlooks, technicals, and weather updates.
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