Corn up 1
Beans down 1
Yesterday, the September corn contract closed 11 cents lower, settling at $4.00 ¼, and the December contract was 11 cents lower closing at $4.10. Fund selling, good weather, tech selling, and slowing domestic ethanol demand drove prices lower yesterday. Ethanol production saw its 5th week of a decline in production as ethanol stocks climb higher with cheap gas prices slowing demand for ethanol. Not helping the demand picture is the US Dollar made a new 2 year high, driving corn exports to cheaper corn in South America and the Black Sea region. Corn is trading slightly higher on the overnight, taking a breather from yesterday’s loses.
The August soybean contract closed 14 ¾ cents lower settling at $8.64, and the November contract was 15 ¼ cents lower closing at $8.81 ½. Beans followed corn lower with the favorable weather pattern, and the lack of news from US/China trade talks. Even as we argue over the supply issues in the US, we are sitting on burdensome stocks from last year. It seems trade and producers are waiting for the August 12th report to be a bear or a bull.