Morning Call by Bryce Knorr
Morning Price Trends
Corn: 22 to 23 cents higher
Soybeans: 32 to 43 cents higher
Wheat: 14 to 17 cents higher
Money flowed quickly back into the grains on Sunday night as weather models shifted warmer and drier for much of the next two weeks for the Midwest. This afternoon’s USDA crop progress and condition report is expected to show additional deterioration in the nation’s corn and soybean crops. A mostly warm and dry forecast for this week suggests that the streak will continue with further deterioration next Monday as well. Meanwhile, farmers in the Southeast will keep their eyes on Tropical Storm Debby.
The current weather pattern substantially increases the risk of significant yield reductions in USDA’s July 11 monthly crop report. Meanwhile, some farmers in the southern Midwest are making feed out of the corn, or even just disking it up due to lack of rainfall this year.