FOR FRIDAY (7/22) Thursdays are often lower for grains and even with hot temperatures, the market did not disappoint. This week will be hot with highs of 100 degrees or more in Nebraska and western Iowa and mid-90s elsewhere in the Midwest. But the heat is expected to ease after this weekend with highs dropping into the 80s early next week. In addition, the latest 6- to 10-day (July 25-29) outlook indicates normal seasonal temperatures then. However, it also expects dry weather.
Data that accompanied the U.S. Drought Monitor released on Thursday said 2% of Iowa’s corn was in a drought area, 4% of Nebraska’s and 31% of Ohio’s. Cattle are waiting on the Cattle on Feed report. Time to cover August hog hedges and August live cattle hedges as lower support targets hitting.
