Chicago Board of Trade Market News
Outlook: While corn planted and emerged is ahead of the usual schedule, the lack of moisture prompted USDA to lower the amount rated Good/Excellent by 3 percent points down to 61 percent. Based on the current forecast for more heat but still inadequate moisture, that rating is likely to go still lower. A reasonable expectation for the upcoming USDA Planted Acreage report is that the survey will show farmers planted less corn due to overly dry soils as the Drought Monitor looks the worst since 2012. The market could continue to build weather premium for the rest of June unless some dramatic change occurs in the amount of rainfall hitting the heart of the Corn Belt.
