The recent 6 to 10 day forecast is calling for cooler and drier than normal in the Heartland. Could be a little supportive for corn and beans as we need more time to mature the crop this year.
Deliveries are approaching and cash values suggest lots of corn and beans on the street while soft red wheat is the new golden child and might be hoarded. The “unwheat” vomitoxin tainted bushels are the joker in the deck and it’s anyone’s guess what happens with these stocks. Spreads might remain on the defensive.
There is positive news on the Chinese trade talks this morning as someone is blinking and it will be interesting to see how an “elegant out” is achieved.
Confidence in the USDA figures is still low. Cash basis levels will be telling the story of harvest this Fall as there’sgoing tobe lots of space in the East whilethe West might stay snug.
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