FOR THURSDAY: (7/14) Forecasts put 90 to 100 degree temperatures in key soybean areas next week, which could hurt crop development. Corn closed higher, although gains were pared late, on lingering support from Tuesday when USDA raised this year’s exports, partly because of an expected smaller crop in Brazil. Soft red winter wheat finished about 2 cents higher and hard red winter near unchanged. USDA confirmed on Tuesday there will be plenty of wheat in the world, with the United States, Argentina, Australia, Canada, Russia, and Ukraine all expected to harvest more.
Still, much of corn pollination should be done by the time the heat arrives but concerns still remain that a stretch of above-normal heat with dry conditions could still affect yields. Cycles aren’t giving us too many clues. We have had a bias toward a bearish reaction by Monday but those forecasts flip so easily it’s hard to gamble on unless you get in at good levels with big pockets.
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