Corn is up 9 and soybeans are up 10 to start the day.
Rumors that China has bought 10-15 cargos of soybeans of the US Gulf is circulating this morning that has soybeans leading the charge this am. Weekly export sales were solid with corn and soybeans coming within expectations. US prices still remain competitive in the world markets, but are not the best as of this morning. Higher markets will continue to make the US less attractive going forward which may keep a lid on prices into the spring/summer.
Weather risk premiums have shifted back to Brazil as they start their new crop cycle. If they fail to have weather concerns this corn market has the potential to drop another 40-50 cents in the next month with US harvest pressure. I don’t think we trade that low, but we have to realize the risk is there.
Have a safe day and Happy Harvesting!