Weaker markets overnight with corn down 5 and soybeans down 25 following last nights crop ratings surprise. Weakness in the soybean markets pulled corn and wheat lower overnight.
Traders were looking for a drop in national crop ratings yesterday afternoon in corn and soybeans but didn’t get the drop in soybeans. While corn came in 2% lower at 62% G/E, Soybeans increased 2% to 60% G/E. The Dakotas and MN remain the only states that are dramatically low in crop ratings as they have been all season. Higher ratings in in the eastern states is going to make it difficult to run this market higher unless yields come in much lower than expected.
Forecasts bring back some northern corn belt rains this coming weekend and into the 6–10-day time frame. These rains will give the soybeans and corn a better chance to salvage decent yields especially in the Dakotas and Minnesota acres.
Have a Safe Day!