We could see a rather non-eventful USDA report issued Friday.
"About the only thing you’re going to see them change possibly would be yield,” explained Merrill Crowley of Crowley Commodities in Watseka. “You’re not going to see any acreage changes that I know of.”
Crowley believes there will likely be a decrease in crush margins for soybeans. There is not a real big change in anything at this point, but the USDA can always surprise us.
“It is a weather market. That’s what we’ve got to keep in mind,” adds Crowley.
This week’s market rally started after the spring wheat condition rating dropped about 7 points from the week before. Also, the heat in certain parts of the country is causing a problem. Spring wheat traded above $6.00 for the first time in two years. That, along with a hot and dry forecast for the corn and soybean growing regions, had all of the other grains fired up.
“On Twitter, I’ve seen pictures of some of the fields. They look pretty discouraging,” said Crowley.
Crowley Commodities is located in Watseka and can be reached at 815-432-2220. Friday's USDA report comes out at 11 a.m.