This week’s hot weather did not phase crop prices at all on Friday as we finally saw some models agree on a wetter situation developing.
Merrill Crowley of Crowley Commodities in Watseka told The Central Illinois Farm Network that it looks like rain will impact the dry areas.
“I even saw one guy talking about four to six inches of rain going through the dry part of Iowa.”
This is one of the reasons Crowley believes corn “took it on the chin” and was down 11 cents Friday. It was up about four cents for the week. Soybeans held up fairly well on Friday as they were only down four with November 2018 up two cents. For the week, beans were up about 20 cents. Wheat also had a bad week like corn.
“We could come back in here Sunday night, the weather forecast has changed again and back up we go,” said Crowley.
Crowley thinks the combines will have to get into the fields before we actually know where we are with yields and we could easily see things move higher.
“I am a little surprised that the beans held up as well as they did in the face of what the corn did,” added Crowley.
Crowley Commodities can be reached at 815-432-2220.