Some better rains over the weekend has parts of the Central Corn Belt in much better
shape and the weather forecast for next week look promising as well. The far west
and Dakotas are still struggling and their relief will be modest. The July forecast is
currently hot and dry so all current moisture is crucial. Reuters reports that China
was buying soybeans on the break last week purchasing 8 new crop soybeans
cargoes and there are rumors out there that the totals were more like 15 cargoes. We
have 8 trading sessions unit the acres report a week from Wednesday. We are
looking for 94 to 95 million acres of corn and 89 to 90 million acres of soybeans.
After we get those numbers we move to yield estimating. Said it before but it will be
a bouncy ride with opportunities along the way be ready.
See attached report for more information on outlooks, technicals, and weather updates.
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