Corn is down 1 and soybeans are up 1 to start the day.
The current soy/corn ratio is 2.81. The markets are dealing with a situation where we have too much corn (especially in the US), and too few beans. The global marketplace in the Southern Hemisphere will likely work to correct that imbalance this upcoming planting season. Overall, though, world-ending carryout’s are just fine on both commodities – we have the largest ending stocks ever on soybeans worldwide and the second largest ever on corn. Prices will continue to struggle without a change in demand or a weather issue in S. America.
Mississippi river levels are a major concern and have barge freight at or near record highs. This will continue to dominate the headlines over the next couple months as harvest progresses in the north with limited outlets for grain to head south. Producers needing to move grain at harvest should be locking in cash prices or at least basis ASAP.
Have a Safe Day!