Traders quickly moved beyond USDA’s July Supply and Demand report and are now focused on the weather. “It’s been raining every other day in Illinois. It’s been very hot, but a lot of our clients in the I-states are receiving rain. That’s probably more important than trying to filter out how many bushels of the crop are left. There are too many, but we’re trying to figure out how much of too many,” said Tommy Grisafi, risk management advisor, Advance Trading. “Crop reports are funny. Analysts will trade the headlines and then, move on. We are 100 percent in a weather market.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.