Opened higher, had a bit of a spike up, then corn has dropped to slightly lower and beans just below their open.
I think the beans have the most potential here, especially for the up but also down whenever we get a good rain because it's August, their key developing month with pods setting and filling.
The dryness in the I states to Ohio is an issue and will get worse this week because a widespread rain is not in the cards but week 2 continues to look wet..........even as we keep pushing those good rains farther and farther out as dryness gets worse.
This current dryness is going to hurt the beans the most, guessing ratings will drop for both tomorrow.
The lack of extreme heat to cool at times is bearish corn.
Mike for me sitting in the dry area. It is hard to have faith in the extended forecast. It has showed above normal precipitation for the last two weeks but every 7 day has showed none and has been right.
Seems like the funds have No desire to have any long ownership in corn and beans until they have a known on production. And it's hard to blame them in today's market place
I agree completely with you pll.
Looking back at my comments, it looks like last Monday, 6 days ago is when the rains really started picking up in the 6-10/8-14 day forecasts.
So this week should be wet if those forecasts were to verify and they won't.
The rains have never really gotten any closer as they still continue to hover out there in week 2 land.
We should continue to be skeptical of those rains in this pattern but respect the fact that they are on the models and the market trades the models, so the reality is that if one were to have been correct about the lack of rains this coming week and bought corn or beans, one would have lost money because the market doesn't care.
However, I think the lack of heat is causing the building dryness to be much less of an issue right now. At this time of year, it usually takes both hot and dry to rally the grains, especially after they made a well defined seasonal top earlier in the Summer.
Comments on the last page of this thread last week are very relevant right now: