Good morning,
Markets are lower to start the day with corn down 6 and soybeans down 40 on favorable weekend rains.
The weekend rainfall totals were the heaviest of the summer and it’s weighing on beans this morning. Prices opened sharply lower again leaving a gap behind. We’ll see if the beans can hold around the $13 area. Corn has broken through the $5 level and may continue lower if weather conditions remain the same and Friday’s report doesn’t give us support.
Crop conditions out this afternoon that could see a slight improvement on the good/excellent. After the weekend rains traders expect ratings in beans to take the big jump next week. There is a USDA Crop Report on Friday where the traders will focus on what the USDA does to corn and soybean yields.
Weather and tensions in the Black Sea continue to dominate grain headlines and price action, but Friday’s August WASDE report will shift into the spotlight this week as traders start to position themselves for the USDA’s balance sheet adjustments.
Have a Safe Day!
Garry Gard
920-348-6844
