There were mixed results yesterday in Chicago, with March corn futures ending 3 1/2 higher and January soybean futures down 4 1/2. The overnight session has both lower at the morning break. Yesterday’s export inspection report showed 28.9 million bushels of corn loaded vs. 40.7 million the previous week. For soybeans, they reported 84.4 million bushels loaded vs. 89.1 million the previous week, maintaining a robust pace for the year.
For the next couple of days, we should expect some position squaring ahead of Thursday’s WASDE report. Improving weather in Brazil and lack of new sales to China for either beans or corn is also providing downward pressure on the markets.
Unless we see some major surprises in the WASDE report, we could be somewhat steady to lower through the week.
Corn 1 to 2 lower
Beans 6 to 8 lower
Reminder: The Landus annual meeting will be a virtual event and held next Monday, December 14th at 4:30. You will need to register in advance to participate in the meeting, whether you want to just watch or ask any questions. Follow this link to register: https://webcast.center/landus/main.php