After starting the night off higher (corn was up 4c and soybeans were up over 10c last night) our markets once again failed to hold above that pesky 20-day moving average -- which is the same general spot of resistance we saw last week.
As for weather… the rains in the northern belt that fell over the weekend are still considered to be helpful, which is bearish prices and likely keeping us from breaking out to the upside. Of course, the weather I was paying attention to over the weekend was all about Hurricane Ida. Not only was this a dangerous hurricane for residents of Louisiana but this could also spell trouble for the infrastructure of the Port of New Orleans. I saw yesterday that at one point it reversed the flow of the Mississippi (!!), very powerful.
As the sun comes up this morning we will of course learn more – but they have quite the challenge in front of them from storm damage to homes, power outages, debris, etc., etc. Crop conditions in the N. Delta and into the Tennessee valley could end up a topic of conversation for the grain markets as the week wears on. In other market-related Ida news, for the most part, the oil rigs appear to be unharmed from the storm – which allowed energy prices to relax a bit this morning after being sharply higher last night.
Corn is 2 to 4 cents lower
Soybeans are 2 to 4 cents lower