Corn and soybean futures made more contract lows on Friday on fund selling.
Chip Nellinger, Blue Reef Agri-Marketing, says it was triggered by beneficial rains last week in many areas of the Corn Belt.
However, the market was also bearishly anticipating the Pro Farmer Crop Tour will confirm the record yields in the August 12 WASDE.
How much is priced into the market already?
Nellinger thinks a lot of the hype about record yields has already been baked in but the market will still be watching the tour to establish the 183.1 bushel per acre corn yield record and 53.2 bushel per acre soybean record from USDA.
He says there was also a pick up in farmer selling of old crop bushels prior to harvest and the impending First Notice Day.
