It's hard to say how the trade is going to see this event. It was not what was expected earlier in the week when they were looking for near 100% coverage of IA with two inches, and an inch everywhere else in the major growing areas. Iowa got virtually nothing. Nebraska is getting a little tonight. We'll have to see how that totals up. Wisconsin mostly less than .10. ND, SD, MN had swaths across the state, probably somewhere around 25% coverage. Parts of IL did well, some areas got missed. IN and OH looks like they continue to hog the water for themselves.
Not nearly the coverage or amounts that the trade was looking at from my perspective. But, then, I'm long the market and you all know what I think about our corn price.
I'll try and put some totals together tomorrow morning after I get all the data looked at for the last two days. One thing I can tell you, very, very few areas got an inch or more, probably less than 1%. Those that didn't get the rain, or not much, it's probably going to be more than a week before you see anything else developing. Still nothing in the forecast that shows an overall rain for the Midwest.
Jen
