Beans: up 3 to 4
Corn closed down slightly once again yesterday with a lack of news to move the market. Trade concerns continuing to linger around the lack of a Chinese trade deal, low export sales, and the prospect of a good crop from South America. Yesterday the USDA released the final crop progress report for the 2019 season showing corn harvested at 92% which is 2% below the trade expectations. This morning we will see the release of the USDA’s WASDE report with the trade predicting that exports and ethanol usage numbers will be lowered. Soybeans closed higher again yesterday after 12-week lows with talks that China was purchasing 1-2 mmt of U.S. beans out of the Gulf. Beans are also likely still benefiting from Fridays StatsCan report lowing Canadian canola by 3.6%, bringing stronger buying to the U.S. bean oil market.