The markets are quiet to start the day with corn unchanged and soybeans up 7.
Soybeans were the market leader on Friday and again this morning as adverse Brazilian weather has given the bean market some support. It is very early in the South American planting window but like every year, weather will be monitored closely.
The Funds really piled into the short side of the corn market last week to get it back to the September lows. With very good yields being reported across the US and an absent export market it is going to be difficult to see things move higher.
The USDA will release their November production report at 11am on Thursday this week. With private estimates showing a higher yield than the USDA’s 173 bpa last month, I expect to see the markets trend sideways leading up to the report. Producers should look to make sales of both corn and soybeans ahead of the report to protect against further selloffs.
Have a Safe Day!