The Good: There was little in the way of good news in the markets today. The good news was for Corn Belt farmers, who are expecting wet conditions over the next 10 days. From eastern South Dakota to western Ohio the rainfall over the next 10 days is expected to range from 50 mm to 150 mm, which is above normal. The corn crop is 29 per cent in the silking stage which is just behind the 32 per cent average for the past five years. Corn silking will be complete by the end of the 10 day period which means that the crop has not undergone significant stress during this critical growth stage.
The Bad: The movement in the corn market was driven by the Corn Belt precipitation outlook. After a rally on the buyllish USDA reports in June and July, the market has taken back most of the gains. It will be very hard for other grains and oilseeds to rally significantly as long as corn futures remain below US$3.50 per bushel. As long as the Corn Belt weather remains positive, the seasonal trend for the market will be lower.
The Ugly: Quietly over the weekend, the total number of COVID-19 cases across the globe reached 13 million. Global deaths are above 570,000 and headed for 600,000 by the end of this week.