MN Broker Markets Feel Horrible But Still Held Ranges [Listen]

Given the hot and dry weather the grain market action feels like we are in free fall, but actually corn and beans held in their recent ranges. Commodity Broker Gordy Kralavetz with Chiodo Commodities said Friday in the Weekly Ag Market Recap the grain market action feels horrible because of the hot and dry weather in Minnesota, Iowa, much of Nebraska plus North and South Dakota. In addition the second crop of corn keeps getting smaller in Brazil.

Gordy said if you look at the charts December corn gained about 10 cents a bushel and November beans only lost about 10 cents and closed around 30 cents a bushel off the lows for the week! Looking at the weather it seems like markets should be moving sharply higher but they are just range bound instead. You have to wonder when will the markets "wake up" or pay attention to the basic fundamentals?

It may come with the USDA August Supply Demand Report on Thursday? Remember the last number of USDA reports have been friendly and the August report one year ago in 2020 was bullish and called a "game Changer" for the markets. It may happen again this year, or will it take well into harvest to settle the question it the Eastern grain belt good enough to make up for how bad it is in the Western? Click on the link and listen to Gordy discuss last weeks market action.