The battle between heavy rains expected in key Corn Belt states versus sharp declines in crop ratings continues to play out, with the rain winning on Tuesday. Very heavy rains are projected for Illinois, Indiana, Arkansas and Missouri over the next 10 days. Arlan Suderman of StoneX shared in his midday comments that “We could see portions of southeastern Iowa get five or more inches of rain over the coming week, with some very strong storms possible. Opportunities are also now present for portions of Nebraska to see an inch or more of rain. Much of the eastern Midwest could see heavy rains over the coming week. The rains “may” reach into southeastern Minnesota, but the bulk of the northwestern belt is expected to remain high and dry.”
Funds have sold corn heavily, while being net buyers in soybeans and oil. Rumors of additional China buying of U.S. October beans from the PNW has hardly lit a fire. Minneapolis wheat futures continue to stand alone in its bullishness on declining crop ratings.
The livestock contracts roared into Tuesday afternoon’s close higher as the market is finding ample support. The cash cattle market is seeing some interest develop as bids of $126 to $126.50 have been offered in Nebraska for live cattle and $200 for dressed.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bill Biedermann of AgMarket.net on today’s episode of Market Talk below:
https://open.spotify.com/episode/7FWRcHG9gnZ9h5ALHJvmo0?si=QM9LnoOkTwG6xi5ea4q4_Q&dl_branch=1
