Gary's Blog 07/23/19 1:49:24 PM|
Crop ratings G/E
TW LW AVG Ohio
Corn 57% 58% 69% 35%
Beans 54% 54% 65% 30%
It was dull trade session despite last nights reduction in corn ratings. G/E fell 1 % when much of the trade was anticipating a raise in crop conditions. This allowed the corn market to bounce 3 ¼ cents, but we still lack any substantial feed for the bulls. Weather forecasts leaned drier at midday which could be the next cause for concern. August weather will be of the upmost importance this year because of the delay in planting. If the Midwest runs short on moisture next month crop production will suffer. Breaking down last nights numbers of condition/development we are a good 3-4 weeks behind “normal” in the majority of the Corn Belt. There is just too much uncertainty at this stage in game for substantial breaks or rallies. The feel is range bound until mid-August.
Widespread weekend rains pressured the grain complex as corn, beans, and wheat all closed lower. Locally we received between 1.2-1.7 inches which will go along ways to aid in crop development especially with the extreme heat that we have endured. Temps now look to moderate which should be ideal for corn entering into pollination. Outside of the slow start to the planting season we have received nearly perfect conditions with a nice mix of moisture and heat. The real question will be if it can continue into October and get these plants to black layer. Crop ratings will be released after 4pm today with the industry looking for a slight bump (1-2%) for both corn and beans. We are nearing key support levels once again in this trade range. It will be vital for those to hold for market bulls.