Good Morning! July corn is up 17¢ so far this week! Corn, wheat and soybeans are trading higher this morning as planting delays continue in many areas and fund short covering. Yesterday’s rally in beans was the largest 1-day upswing since July 6, 2018.
Wet weather returns this weekend and will be around next week to limit planting progress. It’s all about the weather.
Nothing better or worse to report on Chinese trade situation. IF, a big if, farmers get a payment from the government this year – will it be on production or insurance bushels? If it’s on production, will this change growers planting intentions, i.e. don’t take prevent plant even though it makes sense on paper right now?
Corn: 8 carry.
Soybeans: 12 ½ carry.