Good morning! Hope you had a great weekend! Now it’s time to get back to work!
Markets are trading lower this morning after trading higher overnight. Corn gapped higher in overnight trade on hot weather concerns, but has since pulled back to slightly lower levels. After a strong overnight trade, prices are pulling back into the coffee break.
Longer range forecast calling for more mild temperatures into late July. Below average precipitation is seen across much of the central southeastern U.S.
As of last week only 8% of the crop was pollinating, compared to 22% on average. We will get updated crop progress at 3pm CT this afternoon.
Have a great and safe day!
Corn: 6 ½ carry.
Soybeans: 5 ¾ carry.
Crop progress: bearish/neutral corn and soybeans. Slightly bullish wheat Corn, soybean and wheat markets are lower across the board. The Chinese economy is seeing an economic slowdown and feed demand is falling due to rampant impact of ASF.