Similar to yesterday, both the corn and soybean futures markets slipped lower after failing to break out on the chart and make new highs. The rains that were forecasted across the belt appear to be falling as advertised which has kept a lid on prices and allowed our markets to keep sliding.
Other than weather there really isn’t much more to talk about this morning for fresh news. Next week should be a little more interesting, in particular, as the market tries to figure out if there was any storm damage done to the crops over the weekend. Not only from potential hurricane Ida and what havoc it wreaks across the Delta, but also there is some risk to north Iowa and southern Minnesota crops as the flash flood warnings are already being fired up in those areas. We will see.
So for today, we likely stay under pressure. But, I feel like if we do find a way to pop prices back a little higher today, it will come from something on the demand side, in particular soybean exports as there are rumors once again of a significant amount of vessels recently sold.
Corn is 2 to 4 cents lower
Soybeans are 7 to 10 cents lower