USDA reports have been surprising and for that reason they must be respected. Only conspiracy theorists proclaim that there are sinister works behind the scenes. We sense that the USDA does an honest job and are as cold, cruel and deliberate with the execution of the interpretation of the given data as possible. Just the facts, Ma’am!
The weather remains the driving force in the domestic market and the movement of the tropical depression into Louisiana and Texas could bring about some welcome moisture into the southern Heartland. Things change quickly as the higher temperatures may have had a negative impact on the shallow rooted corn plants and moderate moisture is welcome as we approach the critical point of pollination. Hot and dry helps wheat harvesting and the combines have been going overtime the last few days as we’ve enjoyed a window of opportunity. We’ve been hearing mixed results about quality and test weights in the soft red wheat harvest yet, hot and dry for another week does nothing but help!
Crop report at 11 tomorrow and the trade expects few changes in winter wheat figures while there’s high anxiety over the USDA new crop corn and bean supply/demand projections as the confidence is less than average that they’ll use the acreage projections issued at the end of June. Wait and see!
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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