Both are higher at noon on Tuesday. I think the key contract here is the December corn, and I am showing it again this week. We will watch the situation and think about when these short hedges might be lifted if dry weather does start to persist. This approach also leaves enough room to add to price protection at still better prices later if weather does become a factor. I don't expect the soybeans to get as much help from this talk because there is expected to be a huge acreage planted to soybeans.
Soybeans are a bit more resilient in dry weather.
Note that both in corn and soybeans we can draw a rather obvious uptrend line on these markets. If you have short hedges in this market and if there is strong resistance to answering a margin call, you might want to let this market run to the upside and be prepared to move up toward 50 percent forward priced sometime later if the weather patterns start to change and we see a close below that trend line. Wheat has a really hard time climbing on any news as we have a number of producing countries in the world market continuing to push wheat sales aggressively. I do not think we will see a retest of that contract high as these placements in the feedyards continue to swell supply expectations. The August feeder cattle futures are reflecting the possibility of some increase in corn prices and the difficulty that the live cattle futures have in holding any sustained gains.