It appears that the 11:00 reports issued by the USDA are just speed bumps keeping the market from getting too excited about the weather . The August 12 crop reports when the USDA has stated that they will revise corn and bean acreage is the big deal!
The National Weather Service is projecting hotter and wetter than normal for the Heartland in its latest 6 to 10 day forecast. It's tough to get bullish on that as the corn and bean crops have been catching up with the growing degree units. We are not feeding the bull but, the USDA might surprise us again and this may be keeping some of the speculative community on the sidelines. Looks a little lower into the reports!
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