Corn and soybeans are both unchanged to start the day. The corn market was down sharply again yesterday as traders continued the selloff following Tuesday’s report.
Following Tuesday’s report there are several traders and analysts that feel the final US soybean crop size could increase and that demand for corn and soybeans could drop from USDA expectations. Harvest pressure along with favorable South American weather will continue to weigh on US prices. Long term I look for soybeans to be the leader in the markets and at this point would expect that direction to be lower. Better yields, lower demand and expectations for a larger South American crop all point to beans heading lower.
Traders will be watching the ethanol production report later this morning to see if we get another solid number after last week’s production of 978K barrels per day.
Reminder that Compeer Financial will be onsite today serving bag lunches from 11am-1:30pm.
Have a Safe Day!