Another sharply higher Sunday night trade fades into the early AM hours. Improved rain chances in Argentina and a USDA crop report coming Tuesday have held prices at bay. Look for the market is going to chop around today and tomorrow.
Tomorrow the USDA will release their monthly WASDE report. The trade est. US 2020/21 corn carryout at 1,470 mil bu vs USDA 1,502, soybean at 117 mil bu vs USDA 120, US 2020/21 wheat carryout at 839 mil bu vs USDA 826, World 304.3 mmt vs USDA 304.2. Trade est Brazil soybean crop near 133.1 vs USDA 133, Argentina near 47.4 vs USDA 48, Brazil corn crop near 108.3 vs USDA 109, Argentina near 47 vs USDA 47.5
I would guess the USDA comes out with something very close to what the trade estimates have. They will want to see what the future holds for corn and bean exports, as they have vaporized as of late. Brazil and Argentina crops are unknown, with the majority of harvest yet to develop.
Have a Safe Day!