[Listen] Gordy Ag Market Recap Hot and Dry
There was a fair amount of action in the corn and bean markets last week but not limit moves like the week before, With the combination of already tight carryover stocks, the second crop of corn in Brazil has been hurt because of hot and dry weather, and now a hot and dry forecast in the United States the market seems a little on edge.
Saturday afternoon it was 100 degrees in Southern Minnesota. I heard a news report that it was 106 degrees in North Dakota. Plus, there is a severe drought in the Dakota's that makes the hot temperatures even more damaging. Gordy mentioned that it is surprising we did not have corn limit higher Friday given the forecast and talk about the ridge.
The heat wave is supposed to move East this weekend into Illinois and Indiana so maybe traders will be more concerned about the forecast this week. Plus, remember the USDA June Supply Demand Report will be released Thursday morning. It could be an exciting week coming up. Both up and down. All we need is a forecast of widespread rain and we could see a limit move lower too! Click on the link and listen to Gordy discuss the grain and livestock markets last week.