More heat next week but rain too?

Overnight- Corn, soybeans and wheat futures are trying to bounce back from yesterday’s selloff.

The heat this week and the heat forecasted for next week has put no fear in the market and forecasted rains in the 6-15 keeps the sellers confident.

Export sales were better for wheat and soybeans but disappointing for corn as they were below the low end of expectations.

We may struggle again today as we move into the weekend. A change in the forecast over the weekend could ignite a bounce and we expect lower crop conditions next week which could help as well.

We have the acres report and quarterly stocks report next Friday, which is usually a volatile report.

Flooding in the NW Midwest has not put any fear into the market either.

Bottomline

Rains are keeping the heat from bringing buyers to the marketplace. Need to move on to next week as we have two big reports next Friday.

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