Yesterday brought another lower close for corn and beans. March corn futures lost 4 1/4 while January soybeans were down 12 3/4. Most traders are waiting for tomorrow’s WASDE report. The average estimate for Ending Stocks for corn is 1.710 billion bushels vs. the last report’s 1.702 and for soybeans it’s 163 million bushels vs. 190 in November. So, not a whole lot of change is expected.
South American weather hasn’t provided much to move the market higher lately with some recent rains in northern Brazil. However, it is still abnormally dry in Argentina. We also continue to wait for any confirmation of Chinese purchases.
Overnight, both corn and soybeans traded higher.
Corn 1 to 2 higher
Beans 7 to 10 higher
If you want to get any offers in prior to the WASDE report tomorrow, please contact us before 11 AM.