Corn down 4 to 5
Soybeans down 6 to 7
The corn and soybean markets are trading lower this morning ahead of the WASDE report. The forecast is calling for dry weather in the Eastern Corn Belt. Concern is rising for potentially lower yields if the weather stays hot and dry. It does look like there will be a good amount of rain in the Western Corn Belt that could help offset the Eastern weather concerns. The soybean market ended up rallying on Friday due to funds paring some of their large short position ahead of this morning’s report. The next 30 days are critical for the soybean crop, so the trade will depend heavily on the weather as we move farther into August and early September.
This morning the big news is, of course, the August WASDE report that will come out today at 11 am. The report will give the USDA’s number of production bushels, yield, planted acreage, and ending stocks for both the U.S. and the world.
We will send an update about the WASDE later this morning, and we’ll also release a podcast about it early this afternoon.