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North Central Illinois | Weather forecasts are now moving the hot weather into northern areas of the cornbelt next week. This combined with all the areas under the gun this week could set off another round of buying next week. I'll grant you that many areas are far enough along that a really hot week next week will not hurt a lot but will rob a little yield none the less. Our early corn is dented and the rest has started to dent and we have become pretty well watered. Beans are filling pods nicely and have little to no disease pressure. With that in mind a week of extreme heat will hurt some but not a lot around here. That is my little corner of the world. What will a week of heat do for the rest of you if it comes to pass? I know there are a lot of problem areas out there and this heat will not help but I still can't help but think this market is becoming way over bought. What final national yield ends up being is really anybody's guess but at this point it looks like it will proably be 160 or better. There will be corn harvested pretty early due to early planting fast, emergence, and a warm for the most part wet summer. There will be some early yield reports with big numbers in them that may really spook this market. I could see a pretty big sell off between Labor Day and October 1st. I don't have a clue on beans. All I know is there is a lot of beans acres out there this year. Beans in the Delta are hurting for sure but beans in the northern cornbelt are thriving. Where that leaves us I haven't a clue. A week or two of hot weather won't help them finish off real nice but on the other hand if the heat were to back off I think potential in the northern half of the cornbelt is phenomenal compared to last year. I'm no expert but I could see beans dropping a buck and corn dropping .60 within 60 days. Just my rambling thoughts for a Thursday morning. | |
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Weather market next week?
