Weakness late last week and overnight in the corn market as weather forecasts for the month of September continue to show above normal temperatures for most of the Midwest. These warmer temperatures are easing traders fears of the crop not finishing. As a result traders have now taken the market to new contract lows. As of Fridays close, the funds are short 155,000 contracts. They have been sellers of corn in 9 of the last 10 trading sessions.
The September USDA S&D report will be released Thursday at 11am. The trade is looking for corn production of 13.672 billion bushels, down from last month at 13.901. Soybean production is expected to come in at 13.672, down from last month at 13.680. Old crop corn stocks are expected to rise by 40 million bushels, and bean stocks are supposed to decline by 15 million.
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