For weather related to Grain Trading, go here:
USDA crop condition report:
https://release.nass.usda.gov/reports/prog3018.txt
Crop rating for corn stayed the same 72% gd/ex. I though it might drop a tad.
Bean rating got better by 1% to 70%.
Spring wheat dropped 1% but is incredibly high at 79%.
Cotton rating plunged again with a 5% increase in the poor/very poor.......now rated 33% in those categories. Half of the TX/OK crop is p/vp. Of course TX is #1 in cotton by a wide margin. NC also has 27% p/vp.
SX did a gap and crap today...........often a strong technical signal.
Gapped lower last night...........below the lows of the previous days trading range(because of the crop improving 1%).
We filled that gap quickly this morning and are trading sharply higher +7c, around 870.
at this point we will take any small victory. We are now much like the brave Great Britions withstanding the daily assult by the Germans. Well maybe I borrowed a tired lib tactit and overstated that a bit.....but beans have been under assualt
Had some follow thru on the gap and crap and just decisively took out yesterdays highs of 870, now up 12c around 874.
If we close up here its strong, if we don't, then all we did was taking out a zillion buy stops.
Corn still weak, trading under 369 down around 3c.
The trade today has been buy beans sell corn.
mike as the market is looking for good new anywhere The Trump adm announced a 12 billion dollar program to aid soybean farmers and that might of jumped the bean market
Thanks very much mcfarm,
I didn't know that. Am trying to explain it. There is the chance that potential for excessive rains coming up in August might be it(which would hurt beans the most) but I doubt it.
With an heat ridge building in the South, cool air to the north and an El Nino, with a strong jet, the potential for excessive rains exists in the long range forecast.
Near term, we have some heavy rains coming up late this week but they will be falling in amounts and places that are mostly beneficial.
Here's an interesting article on Trump and Soybeans that is bound to ruffle some feathers:
The 12Z GFS was pretty bearish.
No intense heat in the Cornbelt..........The Canadian Ensembles, were slightly cooler, which is especially bearish for corn kernel filling.
Grains spiking lower just after 12:30m seemed to be tied to something other than weather however.
I'll throw this clinker in.
Here in NW Iowa we have been in the excessively wet pattern all spring and summer. Now we need to continue that since the low ground is gone and can't drown out but the higher, lighter soils need the above average rainfall to keep from drying up.
It might be one of those years we loose the bottoms in June and the tops in August.
Thanks McFarmer!
Hi mcfarm
We just broke our drought with mostly 1 1/2" of rain
I know some need that much every week to 10 days but our soils will benefit greatly
One farm got 6/10" but that is an outer farm from the main rain event
It will survive if it catches another rain soon
I see some pollination problems, caused by heat and dry soils, but not severe
Hail season is almost over
We sure waited a long time for this rain
Greatly appreciated and a blessing
for us and our neighbours
We estimate we will spend 50,000.00 to spray
for bugs on our later planted corn
Egg mass is getting critical
All part of expected cost
Just happy not all our acres need to be sprayed
Congrats Wayne!
Good things come to those who wait...................ok, that's often not true but people like to say it when something good comes to you after you waited a long time for it (-: