Friday and summer! Two great words! Corn started higher overnight, but has since retreated into the red. Beans were mixed to start last night and then favored the downside, doing nothing to extend yesterday’s key reversal higher, but so far staying above the 200-day MA of 907.
While wet weather is expected across the Midwest through the weekend, but the 11-15 day maps show mostly dry weather. Warmer temps are forecast for next week. Reports of late planting in the north eastern U.S. continue to circulate.
Geopolitical concerns continue as U.S. and Iran relations remain strained after Iran’s recent attack on a U.S. drone. Strikes were ordered by the U.S. yesterday but not carried out. Talks are expected.
At 10:54 am CT it will be officially summer! Today is the longest day of the year in terms of daylight.
Have a great and safe weekend!
Corn: 4 ¼ carry.
Soybeans: 12 ½ carry.
No major headlines to run the show today with the exception of option expiration.
Weather forecasts for crop development are perceived as improving, but we have to get through rain forecasts for next week before we hit the warmer, drier forecasts.
Prices took a dive into the close, testing the resolve of the 440 CN and 900 SN option strikes. Soybeans traded within yesterday’s range, corn held above yesterday’s low.