I’m continuing to watch the extended forecasts, since there’s an increasing chance of dryness developing in the second half of July — though no extreme heat is expected at this time. The non-bearish acreage numbers from yesterday may help shift long-term sentiment in a more positive direction. If hot and dry conditions do materialize into late July and August, then we could see some upside potential in the market. For now, the USDA is still penciling in trendline yields after what has been a fairly ideal start to the growing season.
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