FARM MARKETS TRADE BELOW DAILY HIGHS, REMAIN STRONG TUESDAY.

DES MOINES, Iowa -- On Tuesday, the CME Group’s farm markets come off their daily highs and remain well supported by crop-weather concerns.

At midsession, the September corn futures are 6¾¢ higher at $3.81¾, and December futures are 7½¢ higher at $3.95½.

August soybean futures are 10½¢ higher at $9.95; November soybean futures are 10½¢ higher at $10.08.
September wheat futures are 2¼¢ higher at $5.08.

December soy meal futures are $2.80 per short ton higher at $332.30. December soy oil futures are 0.34¢ higher at 33.78¢ per pound.

In the outside markets, the Brent crude oil market is $0.28 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 88 points lower.

Another heat wave will roll through the Midwest starting today with temperatures expected to near triple digits, as reported Tuesday.

Much of eastern Nebraska and Kansas, Iowa, Missouri, and Illinois are under excessive heat watches, warnings, or advisories starting today, according to the National Weather Service.

“Hot and humid temperatures are expected to build this week and linger through Saturday across the region,” the NWS said in a report on Tuesday morning. “Air temperatures will reach near the triple-digit mark by midweek, and heat indices may reach or exceed 105˚F. to 110˚F. each afternoon Wednesday through Saturday.”

Some cloud cover or spotty showers may provide some relief in limited areas, but it’s going to be extremely hot in the heart of the Corn Belt for the next few days, according to the agency.
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Monday’s Grain Market Review

On Monday, the CME Group continues to see little movement, aside from the soybean complex gaining slight strength.

At the close, the September corn futures finished 1¼¢ lower at $3.75, while December futures finished 1½¢ lower at $3.88.

August soybean futures closed 4¢ lower at $9.85; November soybean futures closed 4¢ lower at $9.97.

September wheat futures closed 4¾¢ lower at $5.06.

December soy meal futures settled $1.90 per short ton lower at $321.80. December soy oil futures closed 0.24¢ lower at 33.44¢ per pound.

In the outside markets, the Brent crude oil market is 51¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 3 points higher.

Jason Roose, U.S. Commodities grain analyst, says that as the crop conditions go, so go the markets.
“The grains are trading lower today on a mixed weather forecast. With the majority of the crop going through pollination the next 10 days, Monday's USDA Weekly Crop Conditions Report will be watched closely after three weeks of lower ratings,” Roose says.

  BY MIKE MCGGINNIS.