Opening calls:
Corn 1-2 lower
Beans 2-3 higher
Corn struggling to gain momentum despite concerns about dry weather in Argentina. Ethanol production last week had average, but expected numbers. Still running behind last year’s pace.
This morning the USDA will release the weekly export sales report. Traders are watching to see if sales are falling and where those sales are coming from.
There were some stories yesterday about China in the market buying soybeans.
Farmer selling for both corn and beans are limited, keeping basis levels strong nearby.
December USDA S & D report will be out Dec. 10th at 11 a.m. Look for private analysts to start releasing their pre-trade estimates in the next few days.
