Good Morning, but Not for Long…

Good Morning, but not for long. It is eclipse day and nightfall will set in this afternoon. The cloud cover may prevent a good view. Rain moved across Iowa overnight and that is pressuring corn and bean values to start the week. Many areas of Iowa are seeing the first meaningful rain in quite a few days. This should help stabilize the crops and help with the bean yield potential. The ProFarmer tour kicks off this morning with the western and eastern legs working towards each other. The corn and bean markets are due for a bounce and the seasonals suggests a small bounce in late August. This will need to be offset by the benign weather and the large amount of old crop corn that will likely be priced on a bounce. Export inspections are out today. Crop progress will be out this afternoon with another round of steady ratings expected. The outside markets are steady. The commitment of traders report showed the bean funds now net short, with the corn long continuing to shrink. AgRural estimated the Brazilian 2nd corn crop harvest at 89% done. The Brazil Ag Ministry said that 24% of their exports now go out of the northern ports compared to 8% just 5 years ago. The twitter updates and new wire stories from the tour should take over the talking points this week. Have a good day.

7-day precip forecast

Aaron Curtis | Commodity Risk Manager | MID-CO COMMODITIES, INC.| Ph: 309-557-6005 |  Fx: 309-828-2822| acurtis@mid-co.com

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