FOR THURSDAY: (8/25) Wire reports say the scouts found healthy Illinois corn and soybean crops with yields and pod counts above last year. Crop tour findings will be scrutinized to determine if USDA’s big crop and yields are doable. Stress from dry conditions hurt corn in Indiana and Ohio. Wire reports say Illinois surveys found a good, but not great, crop. Weather forecasts remain favorable for corn and soybeans with cool, wet conditions this week in the Midwest, but warm and wet conditions next week. Severe storms move through southern Iowa, northern Missouri and western Illinois today before dissipating by Thursday. However, rain lingers in the Midwest.
We are ready to take profits on shorts but thinking that markets may be down even through Friday–and if there is a buy, it will be Monday. Hogs still look weak a few more days and cattle are an aggressive sale as they are rather oversold but still probably down at least 1 more day.