Market tries to figure out value of corn

In a week like this, it’s more how we react to the news, not the news, says Don Roose, market analyst with U.S. Commodities in Des Moines.

“It’s a key week,” he says.

It’s when the trade hears what real people in the field are saying as the Pro Farmer Crop Tour begins. They visit many of the same fields year after year, so it’s important how this year compares to other years — more important than how this year compares to USDA numbers, Roose says.

There’s more respect for the seasonality of approaching harvest right now than the supply. There is usually a setback in conditions as the crops reach maturity. The heat will likely take a real toll on northeast Iowa, Minnesota and variable areas, he said.