Corn: 1 to 2 higher
Beans: 1 to 3 higher
After yesterday's collapse, both markets are showing a little recovery. After a positive forecast for the dry parts of Iowa and the rest of the Midwest, private analyst yield projections came in and look to challenge previous records. This caused an 8-9 cent sell-off. Bears look to have the momentum and technicals seem poised to challenge $3.00 on the Board of Trade.
Yesterday, soybeans fell 13-14 cents for similar reasons. With an ample supply and a positive outlook for new crop production, this bean harvest could very well be the largest ever. To land back on top of $9.00 futures, the trade will need to hear of production problems later this month coupled with an increase in Chinese buying.
Not all hope is lost. Reach out to one of our locations or your local Grain Marketing Advisor to go over contract alternatives and let us help you navigate these markets heading into fall.