Hurricane Hanna may be heading up the East Coast. But any deluge will be too late to help most crops crying “Water! Please! Water!”
In early August, I suggested that we’d get a September surprise with USDA’s upcoming crop report. I suggested that corn and soybean yields might higher than August’s report. That was before the August rains – the ones that didn’t fall.
Except for one good rain, Pennsylvania, Maryland and Delaware were staring at a record low rainfall for August. That’s why I’ve never seen corn turn and dry down so fast in two weeks.
Crop observers in the northern Corn Belt were also talking about dry August weather.
All bets are off on bigger corn and soybean crops now. And that may mean another market rally. So buckle down or buy ahead!