Corn
Portions of the central Plains, the Upper Midwest and the Mid-Atlantic will be in a heat dome by Tuesday. But first, those regions will see thunderstorms and heavy rains this weekend, according to the National Weather Service.
Don Roose, U.S. Commodities, says grain markets rallied Friday and were higher for the week. The markets saw technical buying and short covering as traders were adding weather premium in the corn market, and to some degree to soybeans. But is weather enough to bottom the market?
The industry is seeking clarity after President Trump said Coca-Cola was switching its Coke formula to use cane sugar versus high-fructose corn syrup. If true, the move would benefit U.S. sugar producers at the expense of corn farmers.
Naomi Blohm with Total Farm Marketing says corn took a break after a three-day rally running into chart resistance in the December contract around $4.25.
Both diseases are showing up earlier this summer than last year, according to Daren Mueller, Iowa State University plant pathologist. He says a new interactive tool from the Crop Protection Network can help farmers locate these diseases, and others, faster.
Randy Martinson, Martinson Ag, says corn tried to move higher early Thursday but the December contract is running into chart resistance with the 20-day moving average at $4.25. Can weather help the market get above this level?
Ted Seifried, Zaner Ag Hedge, says corn and to some degree soybeans, were adding weather premium as some heat comes is predicted for much of the Corn Belt in the extended forecasts. However, talk of China business also stirred up the trade.
Vince Boddicker, Farmers Trading Company, says corn is extending gains for a third day still seeing short covering. However, the corn and soybeans markets are adding some weather premium with extended forecasts looking hotter in the 11-15 day time period.
With today’s tech-packed harvesting equipment costing up to $1 million or more, ensuring you’re not leaving kernels on the ground can help pay the bills. Hear how one farmer is outfitting his combine with aftermarket technology to drive profits higher.
So far, the problem has been confirmed in four states. Agronomists are encouraging farmers to scout crops, estimate yield impacts in affected fields and determine whether to make adjustments to marketing plans.