FOR FRIDAY: (8/12) Forecasts keep rain in parts of the Midwest the next seven days with the largest amounts in the dry areas of Indiana and Ohio. Severe storms move through Iowa today and rain could linger in the Midwest on Friday. The 6- to 10-day outlook (Aug.16-19) has hot weather in the northern Midwest and northern Plains then with below-normal chances for rain for much of the Midwest.
A strong rally in crude is supportive for the complex but it may give back gains next week. Grains will most likely have more of a negative reaction on Friday and that will give us oversold conditions to buy for the rest of the month by early next week.
For Friday’s USDA report, private firms expect expects corn crop of about 14.59 billion bushels at 168.6 bpa and a soybean crop of 3.865 billion at 46.65 bpa. USDA currently has corn at 14.54 billion bushels and 168 bpa, and soybeans at 3.88 billion at 46.7 bpa.