Grains due for a bounce?
FOR TUESDAY: (7/19) I suspect that markets are oversold enough that we’ll get a bounce if we can get in from lower levels at pattern completions. Corn, soybean and wheat closed higher on Monday as traders await the severity and duration of this week’s Midwest heat wave.
For the Midwest, forecasts put 100-degree highs from the Mississippi River and west and 90-plus east of there. The 6- to 10-day outlook (July 23-27) has above-normal temperatures in the Midwest and Plains then, plus dry conditions for the western Midwest. Reports from the field say Midwest corn made it through pollination in good shape and widespread weekend rain should help the crops make it through this week’s hot weather. Winter wheat moved higher with corn and soybeans despite harvesters reporting good yields as the winter wheat harvest moves into Nebraska and South Dakota. Protein content has slipped with readings of about 10% common versus the normal 12%.