[Listen] Gordy Ag Market Recap Grains and Weather Fizzle

Corn and soybeans were off to a pretty good week working higher being supported by weather concerns in Brazil and the upper Midwest. Also supportive was good demand and the USDA projecting very tight carryovers for both corn and beans. Even the USDA June Supply Demand Report released Thursday morning was slightly friendly for corn and I would argue neutral for beans. Actually the USDA projected the old crop bean carryover at 135 million bushel while the trade guess was 120 million.

The United States bean crop is around 4.5 billion bushel, 15 million bushel is not even a minor rounding error but it took beans down 18 cents a bushel. Maybe the funds just decided it was time to take some profits? Maybe rain on the radar Friday morning moving through the drought stricken areas of North and South Dakota was another reason for the move lower in corn and beans?

It was an impressive weather system reaching from Canada to Nebraska and it was headed our way moving East. I watched the system from 4:30 until it hit Faribault later in the morning. I could see the system begin to dissipate as it approached Minnesota. We had a brief big gust of wind in Faribault but very little rain. My farm in Southern Minnesota received about a tenth of an inch while on the North side of Faribault .4 inches. Dick called and said Southeast of Faribault in Easter Walcott Township they received .3 inches of rain.

Click on the link and listen to Gordy discuss the grain and livestock action last week. I said the grains and weather fizzled last week. The grains were lower and the much anticipated and needed rain did not amount to very much either. Gordy said he could thing of another word?