Corn: down 1
Beans: up 3 to 4
Corn closed higher yesterday on fund short-covering and another 2 to 3 point drop in the crop condition ratings. Corn in areas of dry conditions will continue to be stressed as more hot/dry weather is in the forecast. EIA’s weekly ethanol data will be released today and U.S. gasoline consumption has been stagnant. Prices inched up this week with concerns of Hurricane Laura shutting down refineries in the U.S. Gulf Coast. The market is trading a penny lower this morning. Most estimates show the U.S. corn carryout is still large, even with the losses from the wind storm and dry conditions.
The soybean market closed higher yesterday, after the unexpected drop in the crop condition ratings. There was also a large export sale announcement. Beans are trading higher this morning as we look towards another forecast of hot/dry conditions. Next week is showing a bit of a cool down but it will more than likely be too late for most dry areas. The trade is also expecting another decline in crop conditions in Monday's report.
Price Later grain expire today. Please be sure to sign any rollover contracts or price your grain by 1pm.
CROP TOUR RESULTS WEBINAR SEPT. 2
Join us to hear results of our first-annual survey of corn and soybean yields from our 26-county territory. Find out how derecho damage is impacting regional yields. 7:30 AM and 5 PM times offered.