Corn 3 to 5 lower
Beans 6 to 8 lower
There was a news story last night that China has instructed firms to not buy any more ag products from the U.S., but they will allowing existing open sales to be loaded. There is some contradiction to that this morning. Also, in Chinese news, the yuan has fallen below the 7 per U.S. dollar level, which has not been seen in over a decade. This has been put in place to combat the additional 10% tariffs imposed by Trump. The Argentine harvest is over 70% complete and will continue to dominate the export market in the short term. The U.S. farmer is a tight holder of corn and beans at least until the August 12th USDA report. While many have a bullish point of view due to supply issues, it is important to note that demand is staying soft for U.S. ag products and we are typically entering the time of year when prices trend lower. It is important to be watching both the demand and supply side going forward in determining your marketing strategies.
Contact your local grain marketing advisor to discuss your alternatives for marketing corn and beans for both old and new crop. As a reminder, price later contracts must be priced or rolled by August 16 at 1PM.