Grains tried to recover some of Thursday’s sharp sell-off.
The latest weather models still show significant heat in the central Plains with Kansas expected to see 8 days running of better than 100 degree temps and Nebraska should see 4 days besting the 100-degree mark. For Iowa and states to the East it seems temperatures should stay out of the extreme heat through the end of July. Moisture should also be a regular occurrence in these areas as well over the next two weeks.
Private forecaster Planalytics came out with their latest yield estimates, pegging US corn at 165.3, off from their trend yield estimate of 168.2 at the beginning of the season and well below USDA’s own estimate of 170.7 on Wednesday. For soybeans, they see yields at 46.7, slightly below their own trend of 47.1 and USDA’s estimate of 48.0.
The Buenos Aires grains exchange cut the forecast for Argentina's 2017-18 wheat area to 5.4 million hectares on Thursday from 5.5 million hectares seen previously, citing excess rain and humidity during the season. The Rosario exchange on Wednesday cut the estimated planted area to 5.45 million hectares from 5.6 million hectares previously.
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