Grains are up across the board at the time of this post. DEC corn up 8 3/4, NOV soybeans up 23, and SEP wheat up 10 1/2. From the map below you can see that parts of Iowa have received up to 1 inch of rain within the last 3 hours. Things remain dry further east were rain is especially needed, with a storm sweeping through Kentucky missing the southern areas of Illinois and Indiana.
At the 9:30 CT open of pit trading we saw some selling pressure enter the market on the heels of improving precipitation forecasts, but grains have regained their footing as we have a weaker dollar and strong outside markets this morning.
Although demand destruction at these price levels becomes an issue, the trade at this point is firmly focused on the production side of the equation. We don't expect the grain market to see a serious pull back from these prices untill we have soaking rains hitting key growing states.
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