Our markets look to be starting off weaker, with most analysts crediting (or blaming) that on favorable weather forecasts which are showing more moisture and a touch cooler temps coming for the western corn belt. Also, the soybean market yesterday was nearly 40c/bushel higher, which makes it a little less surprising to see some pull back in prices today.
The friendly attitudes during the session yesterday centered around demand as there were additional export sales announced (to China). So once again today, the market is hoping/expecting to see more of that demand pop up as there was chatter going home last night that China was in bidding for soybeans again off the PNW (Pacific Northwest). The high cost of ocean freight today says that the PNW business should clearly work best for boats heading to China, however, the crop in the Dakotas (which normally feeds that export channel) is obviously struggling to show offers. It will be an interesting year for sure to see how the logistics play out.
Corn is steady to 2 cents lower
Soybeans are 4 to 6 cents lower