The weather forecast had changed overnight, indicating the heatwave that plagued the crop output might soon be gone. There is a good chance of rain in Minnesota and the Dakotas in the extended models in early August. On top of that, the 30-day August forecast is now for seasonal temps and above normal moisture in all of the Corn-Soybean belt.
The grain markets may be setting up for a late-month low again in July. If you look at the days when the corn and soybean markets have bottomed each month, then you see the markets have consistently put in a low between day 25 and day 31. This pattern has been in place since January. With the supply side having a boost and the demand-side remaining stable, the price may be on a downward trend.
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