FOR WEDNESDAY: (8/24) Crop tours in the Midwest are finding some minor problems in corn and soybeans, but apparently nothing serious enough to raise doubts about USDA big numbers for both crops. Also the tours move to Iowa and Illinois later this week where conditions are better. Weather forecasts remain favorable for corn and soybeans with cool, wet conditions due in the Midwest this week and warm, wet conditions next week. Severe storms do develop in Nebraska and Iowa today and then develop in Kansas and Missouri on Wednesday.

We could easily see grains correct into Friday before coming back next week. Hopes for recoveries are based in hot and dry July weather eventually hurting weights but that may be more for the Eastern belt and the Midwest may not be hurt as much. In the end, the next push up will have to be sold. We have to do some research on freeze cycles this year. It’s been a while since there has been a freeze, and that may be the only hope for higher prices past late August or early Sept.

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