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Hot and dry weather records sweep across Iowa, Illinois – August 3, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Hot and dry weather records sweep across Iowa, Illinois – August 3, 2012
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Hot and dry weather records sweep across Iowa, Illinois – August 3, 20128/3/2012 8:44 AM

CORN: STEADY - MIXED
Corn continues to chop around, trading both sides as it consolidates in this $8.00 area. The weather has improved slightly, but is still hot across most of the Midwest and southwest CB. Scattered rains occurred across the central CB. Iowa had the third hottest and third driest July on record. Illinois had the second hottest and fourth driest July on record. Spreads were generally weaker yesterday and basis is generally weaker, but some regions seem to be firming. The trade awaits Informa’s numbers this morning around 10:30. We expect to see December corn find support at $7.81 and then at $7.71. Resistance will be $8.20 and then $8.50. Look for a two-sided trade today. A close below $7.85 could pressure us down to $7.45. Look for a nervous, choppy trade until we get to the crop report next Friday.

Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund