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SW MN and Gold Canyon AZ | He is calling for upper midwest rains in the forecast, no talk of a dome.. recieved 1" last night. topsoil and subsoil are full. That doesn't happen very often in late july here.
So wheat or soybeans will have to pull corn higher in my opinion. the risk of poor pollination on corn has pretty much passed.
Soybeans still have weather risk as august is crucial to pod fill.
I think basis risk on new crop corn could be a factor come fall in the northern corn belt. hearing reports of FULL elevators farmers can't deliver old crop very fast. If the crop is big storage could be a factor come fall. Is it possible we could see 4$ futures and 3.25 to 3.50 cash during the glut of harvest??Then futures contacts,HTA's or puts would not be a good sale.I am seriously considering a basis contract on my next incremental sale. its already widened some.I think the commercials are looking at this too already.
Something to ponder on this rainy day.
Edited by Mlebrun 7/22/2010 08:55
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Freezenotis forecast
