Daniels Trading Senior Broker Craig Turner was quoted in The Wall Street Journal/WSJ.com article titled “Export Sales Boost Corn Futures.” The article reports on how export sales and hot, dry weather spurred Corn prices to rally mid-August 2013.
Corn is also up on worries about inclement weather for crops. Recent cool temperatures have raised concerns about slow crop development, potentially making crops more vulnerable to frost damage in the fall. And some extended weather outlooks predict cool temperatures in September, making analysts worry about the likelihood of frost.
But corn could also be damaged in the next two weeks by dry weather and a turn to hotter temperatures. Little to no rain is expected in the next five days in most of the Corn Belt, though up to 0.4 inches of rain are expected in southwestern Iowa, the National Weather Service forecasts. The NWS’s six- to 10-day outlook predicts below-average chances of rain in Nebraska, most of Iowa and southwestern Minnesota. The eight- to 14-day outlook also predicts below-average chances of rain in Nebraska.
Both extended outlooks also predict above-average heat in most of the Corn Belt.
Some farmers are worried the hot, dry weather “might take off just a little bit on the top end of their yields,” said Craig Turner, an analyst with futures brokerage Daniels Ag Services in Chicago.
At the same time, recent cool temperatures may also reduce the potential size of the harvest, he said.
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