After some decent weekend rains our markets are a touch weaker; the rains weren’t extensive or shocking, but they did tend to hit the areas that needed it, at least some of them. The overall weather picture over the weekend really feels pretty neutral to me; the rains were as expected and the forecasts are just like they were on Friday- hot/dry.
The outside markets are weighing heavy on us this morning though with crude oil down nearly $3/barrel overnight and gold was also down over $100 at one point.
The big fundamental news coming at us this week, of course, is the August Crop Production and Supply & Demand report due out from the USDA this Thursday at 11 a.m. With that hanging over our heads, this market could get a little choppy/thin leading up to it.
For today, look for us to start weaker, and unless the weather shifts, we will be watching for the outside markets to drive our price action.
Corn is 5 to 7 cents lower
Soybeans are 5 to 7 cents lower