Traders were watching the weather forecast left and right during the past week, as we are still in a weather market according to Wayne Nelson of L&M Commodities.
“Nebraska and Iowa got some rains, but there was only about 30 percent that got good rains up to an inch,” Nelson told The Central Illinois Farm Network on Friday afternoon.
Now we are looking at a dry outlook with cooler temperatures over the next 10 days. On Friday, December corn closed at 3.88 creeping back up toward 4.00 and the November beans closed at 10.13. Many are now waiting for the August USDA report.
Nelson will be part of a summer ag outlook meeting on Monday evening (July 31) at the Vermilion County Farm Bureau building in Danville at 7 p.m. The meeting will also feature Crowley Commodities, Bates Commodities and a representative from Bam Wx on the August weather outlook. The meeting is free and no reservations are required.
“We’d be more than happy to say hi and talk to you afterward,” said Nelson.