Corn: steady to 1 lower
Beans: 1 to 2 lower
Yesterday, the corn market continued to climb higher with December futures closing 6 3/4 higher at $3.44 3/4. While exports came in as expected, the expectations of a drop in crop conditions caused corn to finally break through all major moving averages. Overall, the crop conditions rating came in at 69% vs 71% good/excellent last week on the national average. The largest drop was in Iowa with 59% vs 69% the previous week as a result of the storms. While a drop in crop conditions was expected, traders anticipated a larger drop causing corn to trade slightly lower overnight and into this morning. The trade will continue to assess crop damage and conditions as well as watch the Pro Farmer tour that started this week. Even with the drop in crop conditions the large supply of corn in the U.S. may limit rallies.
Soybeans also saw a rally yesterday with November futures closing 16 ½ higher at $9.15 ¼. Technical buying along with the anticipation of the crop conditions report led beans to also trade through all major moving averages. The crop conditions rating was slightly reduced for beans with the National rating at 72% good/excellent last week vs 74% the previous week; Iowa hit 62% vs 70% previously. The market opened slightly lower overnight as traders continue to watch the dry weather conditions.
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