Corn is up 4 and soybeans are down 4 to start the day.
Last Friday’s selloff was mainly attributed to profit taking at week and month end for traders. July came to an end as old and new crop futures both lost ground during the month. September futures were down 52 cents and December futures were down 43 cents for the month. Just enough rain and favorable weather forecasts continued to drag the markets lower.
Harvest has begun in the deep south and will work its way north in the coming weeks. Locally producers are reporting crops that are 1-2 weeks ahead of normal which should result in some late September or early October harvest. This will continue to pressure the local cash prices as end users widen basis moving forward.
There continues to be rain in the forecast for the 7–10-day models moving forward. This should keep the markets in check if realized. Crop conditions are expected to come in unchanged to a couple percent lower in this afternoon’s report.
Have a Safe Day!