Will The Dryness In Illinios Hurt Crop Yields ?
Grain Futures--- Grain futures this week in Chicago had many volatile trading sessions with soybeans up 7 cents in the November contract which is the new crop which will be harvested this fall settling at 13.16 still down over 25 cents for the trading week while corn futures for the December contract finished down another 8 cents to close right around 5.08 a bushel down over $.37 for the week on a terrific growing season to start with many parts of the Midwest receiving adequate rain, however here in Illinois and Indiana we are suffering one of the driest Junes on record in over 131 years, however the market is not reacting to that news. Wheat futures for the July contract were down another eight cents to close right around 6.15 down around $.17 still stuck in a choppy and directionless trade and I still advise traders to absolutely stay away from the wheat market at this point while rough rice futures were slightly lower at 13.92 continuing its bearish momentum right near contract lows not reacting to any dryness in the Midwest because rough rice is a global commodity grown in many different countries. In my opinion I believe the drought situation here in Illinois and Indiana will get worse and I think there will be cuts in the next estimate of crop production in the next report we have not rained in nearly 4 weeks and that is very difficult to average 166 bushels an acre in corn when we haven't rained in four weeks so right now on putting it on the record I'm lowering all crop estimates across the board in corn and soybeans but only time will tell the see if I'm right. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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