Grains continued to advance overnight led by the wheat complex which saw July wheat reach its highest mark in 6 weeks.
The corn market took a wild ride yesterday with Dec corn trading down to $3.88 in the morning opening bell where underlying support is just below at $3.85 but posted a 12-cent rally back to $4. Yield forecasts from private analysts continue to suggest below-trend yield potential and yesterday’s mid-afternoon weather model run produced more warmth and drier weather than previous models.
The condition of French soft wheat declined slightly in the week to June 12, with 74% of crops rated good or excellent compared with 75% the previous week, farm office FranceAgriMer said on Friday. The corn crop was rated 86% good-to-excellent down 1% from last week.
The latest US model runs continue to show good precip coverage from IL to the East for the next two week period while the Central Plains, Northern Plains and WCB will see limited rainfall. Temperature patterns should follow the rain development with the same areas expected to be dry should see above normal temp readings in this two-week period.
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