Markets are mixed to start the week with corn down 3 and soybeans up 3.
Soybeans continue to draw support from last week’s report while corn has no story and is just along for the ride at this point.
Some analysts believe future cuts to production are still possible, but recent history says the USDA could rachet production higher as we move forward. With exports lagging and future decreases to demand it could be difficult to see any rally in the markets.
The US Midwest will see mixed precipitation over the next ten days which will slow harvest progress. This afternoon’s crop conditions for soybeans and corn are expected to be unchanged while harvest progress will probably be near average for this time of year. Harvest was slowed late last week across most of the corn belt as rains rolled through.
Producers should be making cash sales or at a minimum basis sales on any corn they cannot store this fall as things look to stay depressed for the foreseeable future. If you are bullish the market, make sales and re-own the grain on paper later.
Have a Safe Day!