NORMAL – This was the quite the week for markets as prices went up based on hot weather forecasts then things dropped when some of the heat was taken out of the forecast.
“We had beans I think close down 43 that day and it was 63 or 64 off the high of the day,” Pete Manhart of Bates Commodities in Normal told The Central Illinois Farm Network Friday.
If we continue having rains across the Midwest, we could be in for another large crop. Manhart says there aren’t many factors influencing markets right now except for weather.
“If you had something like the embargoes of years ago but you don’t hear anything about that anymore.”
Aside from a heat scare, the other thing helping to push prices higher has been South America not having as big of a crop as expected. This helps the U.S. crop get used more which leads to better prices.