FOR FRIDAY: (7/15) We warned you how fickle these forecasts are how they can quickly turn. Soybeans made a sharp turn lower at midday and closed sharply lower as new forecasts apparently favor rain next week for the Midwest crop and indicated the heat wave then may not last long.
Previous hot, dry forecasts for the Midwest helped drive corn and soybeans higher this week with some help from Tuesday’s USDA report that increased exports for corn and soybeans and lowered Brazil’s corn crop.
