Weather Forecasts are the Name of the Game
Corn and soybeans finished lower yesterday dropping 28.5 cents in new crop corn
and 43.5 in soybeans. They are off another 10 to 13 cents in the overnight as forecast
remain wet going into next week. Lower than expected crop conditions could not
stop the down movement. Some real dry areas in the north are going to be missed
but a bulk of the corn belt is expected to get good coverage and temps look to back
off next week. We are also waiting for more news on the refiner relief talk out of the
White House. We get May crush numbers out of NOPA this morning estimated at
165.1 million bushels. Balance sheets are not robust enough to support a whole lot
of more selling and value should be established soon.
See attached report for more information on outlooks, technicals, and weather updates.
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