The market looks to be putting the brakes on the rally for now. Nothing has fundamentally changed; this looks like two steps forward one step back. Markets are softer this am as corn starts the day off down 4 and soybeans down 12.
Weekly export sales came in strong and could have provided some support, but it has failed to show up today. Weekly corn exports were 50.1 million bushels for corn and 105.8 million bushels for soybeans. Corn was in line with expectations and slightly above the previous week. Soybeans were above estimates and by far the highest in the past several months. As we would expect, world importers will show up to buy on any breaks in the markets.
US weather is going to be really wet over the next week. Rains move in on Sunday and last for about 4 days. Totals will be up to 3 inches over Missouri, Illinois and Indiana. The change to wetter weather will slow harvest, many beans are getting cut this week and yields are coming in on the top range of estimates. Corn yields remain variable, but there are some really good crops out there.
The gut slot of corn harvest is quickly approaching. Reports of on farm storage filling up and longer lines at elevators across the country are to be expected. Make sure you are making plans and sales with your local elevator/end user to get thing delivered.
Have a Safe Day!