Markets are higher to start the day with corn up 4, soybeans up 10 and wheat up 2.
The weather remains hot and dry in Argentina but has had no bullish impact. Yesterday some beans were bought out of the Southeast US from Brazil. Brazilian basis has dropped to the level where small amounts of beans can be imported to the Carolina’s.
Argentina will be mostly dry until the 11–15-day period, with rain chances confined to fringe crop areas over the next ten days. Brazil started to see some scattered showers yesterday and chances look good in the north through Saturday, improving in central crop areas next week, still driest in the south.
Both corn and soybean markets are struggling to hold rallies recently. Corn is fighting to hold short-term support but is struggling to find a bullish catalyst. Corn export inspections continue to hold pace while soybeans fall a bit further behind as concerns grow around the Chinese economy and their demand.
Take advantage of the up days in the market to make sales as they appear to be few and far between.
Have a Safe Day!