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Central Indiana | Going to be a long week of sideways trading IMO unless something drastic happens somewhere. Rain in MN and NW IA has been priced in and crop conditions reports will be down but probably have little effect on the market. Traders are interested in one of the biggest reports of the year and usually brings swings +- 25¢ either direction. Most years I feel it is bullish but this year I am not so certain. There’s lots flooded out acres and I feel terrible for those in life threatening situations but market will see this as little loss and trade accordingly. If we get that bump up be on the horn with your broker or grain buyer and be ready to pull the trigger. Farmer liquidation will be extreme both new and old crop sales. Any jump will quickly be stomped out to a smolder. My thoughts are take advantage of this pricing action and focus not so much on weather headlines as there’s no real threat to the immediate crop environment. Corn acres I believe will be at bottom of expected range with a possible drop to 179 yield. Not a bearish report but not bullish either. Trade sideways until something of real importance to the big money comes their way. | |
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