Crop Ratings Fall in Progress Report
Overall crop ratings fell three percent in the latest Crop Progress report, which was more than the trade had anticipated. Even though the crop is still strong, market analyst Brian Roach with Roach Ag Marketing says deteriorating conditions shows heat and high temperatures have had an effect. He says that could help out the corn market, "And the question really becomes from a trade standpoint, is are we still talking about a 180 yield and what are the chances of that. As we look forward, we have a tighter ending stocks position. As we did a year ago, or just eight months ago, and demand has been very, very strong and so we look at this as a good bottom signal here, if not the bottom is already in in corn."
Post to Tumblr