Corn extended declines to a 33-month low (poster note: For Norris and Norris (2) that's almost THREE YEARS) and soybeans fell on speculation that U.S. crops will benefit from cooler weather and rain in the next two weeks. Wheat rose.
Temperatures will average below normal over much of the Midwest in the next two weeks, helping to boost yields in areas with adequate soil moisture and reducing stress on crops that have not received significant rain this month, World Weather Inc. said in a report today. Fields from Kansas to Kentucky will get rain during the next two days and some crops in Nebraska and Iowa will benefit from moisture beginning Aug. 1, the private forecaster said.
“Corn and soybeans are in generally good condition, and the weather remains favorable for the next two weeks,” Jim Gerlach, the president of A/C Trading Co. in Fowler, Indiana, said in a telephone interview. “It’s too early to start worrying that current cool weather will result in early freeze and crop losses until later in August.”
So what does this have to do with the over all speculation and over exaggeration of the farmers? Besides the fact i included ethanol as one of the disasters? They are talking 3 states and making it sound like it is every state in the south and south eastern states. Not true at all that all stes are suffering with the same crop.