Markets closely watching weather
BLOOMINGTON – Following last Friday’s crop report, we have dived right into a weather market.
Aaron Curtis of MIDCO says the recent report tightened things up on ending stocks for corn and soybeans which was mostly expected. We are looking at tighter carryout for soybeans as we move into a new marketing year.
“Export demand has been a little better this summer so old crop carryout has gotten a little tougher as well,” explained Curtis. “That kind of set the stage once again as we move into the weather markets here this summer.”
Crops are off to a decent start so far but the warm temperatures could be here to stay as long-term forecasts are calling for above normal temperatures.
“We did see corn – at least on Tuesday – perk up again up close to the recent highs. Beans were a little weaker as the weather is not as pressing there,” added Curtis.