Jul 30 | Commodity Week

Okay, let's turn our attention to the marketplace directly.

Chip Nellinger, I think I'll start with you.

When you think about what's happened over the last week in the commodity markets, what is top of mind for you?

Well, I think two things.

You said top of mind, inferring one thing.

Obviously, the weather is very uncertain right now.

You know, some pockets of dry weather.

It's not ideal anywhere.

It's a little of varied from good to as good as last year to, you know, half a crop compared to a year ago.

and everything in between.

So I think this weather is the big question and going to be the immediate, you know, direction the market takes depending on how these rains are the next 36 hours and the extended forecast.

I think demand takes a backseat.

I think that's something that's totally different than maybe what we've seen the last two or three years in here.

So even with big crops out here, it doesn't mean we can't go lower into harvest.

But I think we maintain a higher level just because world stocks are shrinking.

Demand is so good on corn and beans both that I just think there'll be a good commercial appetite under this, keeping us maybe higher than what people expect at fall.

But certainly in the short run, the top of the list is the weather, Todd, and what happens with rainfall over the next three days here.

And Matt, is that the same for you? Is it all about the weather now or are there other factors that you really have to worry about?

There's no doubt.

There's a lot about the weather.

I mean, obviously you came in today and a wheat market skyrocketed on what's going on in the Black Sea and it lent a little support.

But, you know, you see corn settle six and a half, seven cents off the highs.

And, you know, a lot of that is due to that wheat market kind of leaking off.

But, you know, I'm with Chip here.

I mean, if we do get decent weather, Todd, to finish this crop out, and maybe not everyone does well, but if you get a good system that comes through, shores up some of the issues, I just struggle to think that the market will rally much heading into harvest.