Lower in corn and higher in soybeans to start the week. Corn is currently down 3 and soybeans are up 5. Harvest pressure is weighing on the corn markets as producers made decent progress over the weekend. Progress is expected to reach 55% complete over eth weekend as there were no major weather issues across the Midwest to slow down the farmers. The five year average for this date is 74%.
Fridays WASDE report will be the focus of most traders this week as they debate where the USDA will put yield and harvested acres. This will be the agencies last report and last chance at an adjustment until the final report in January. One private analyst on Friday estimated the corn production at 13.911 billion bushels, up from their previous estimate of 13.887. They also increased their yield to 170.0 bpa, up from 169.3 last month.
Support in the bean market is coming on the heels of Bloomberg reporting that President Xi of China is going to schedule a visit to Washington DC to meet personally with President Trump in the next couple weeks. The thinking is that the purpose of this visit is to sign the Phase 1 agreement.
Have a Safe Day!