Corn, Soybeans, and Wheat took a breather today and closed down slightly. Markets have been supported by the anticipated warmest days of the year over much of the Midwest next week. Crop conditions were also down slightly in corn and unchanged in soybeans on Monday night's report. Corn in Minnesota and Wisconsin took the brunt of the lower ratings due to dryness developing.
FC Stone came out this week with a 160 bu/ac national corn yield this year and that could peg the carryout at 2 billion bushels next year. Informa will come out with estimates tomorrow ahead of the Aug 12 USDA report that will use RESURVEYED acres (trade looking at .5 - 1.0 million less corn acres). Basis levels continue to remain firm for this time of year and may be firm all the way up to harvest if futures don't break out again to the upside.
Scott Meyer
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