Corn steady/down 1
Soybeans down 4 to 6
Grains are trading lower this morning with corn down 1 and beans down 5. Despite the trade being optimistic in the corn market because of the potential for Chinese sales, we saw a sell off yesterday. Some factors that may have included that were a large projected Argentinian corn crop that is nearing harvest, favorable early growing conditions for the Brazilian corn crop, and last week’s drop in the export volume of corn relative to the week before. Soybeans did not follow the corn and wheat markets down yesterday, as they finished up with the March settling 1 ½ cents higher at $9.11. Some positive soybean news is that last week’s export numbers were strong due to continued shipments to China and this week’s export shipments are expected to be a 15-week high. However, like yesterday, the trade is still trying to determine just how much of an impact the Chinese purchases will have despite the bearish factors such as a historically large U.S. stocks and the competition from South America into the mid-summer.
Stay warm out there and thank you for your business!