Markets are on the defensive this morning with corn down 5 and soybeans down 10 as traders wait to see if we can get any Chinese buying before they go on a week long holiday beginning Thursday. We will also have the USDA stocks report out Wednesday and the WASDE on October 9th.
Harvest should progress very quickly now and I anticipate hearing reports of steady harvest paces when the USDA releases its Crop Progress report later today. I expect to see 15%+ for corn and 15% to 20% for beans. Rain delays today and likely tomorrow had little effect on prices this morning, though increasing concerns about rising global coronavirus cases weigh on the markets.
Look for the markets to continue to trend lower with harvest pressure and rising cases of coronavirus.
Have a Safe Day!