Corn down 6-8
Soybeans down 4-5
Corn markets are trading lower this morning after USDA reported slight improvements in yesterday’s crop condition report. The market is keeping a close eye on crop condition ratings to try to figure out what the impact could be on the USDA’s yield estimate. Bears are also citing the extended forecast, as more rain in the forecast is seen as bearish news.
Beans are trading lower this morning despite the crop condition coming in lower than expected yesterday. It is expected that Thursday’s WASDE report will be a little calmer than the June 20th report, with little new news being reported. There is a chance we will see a decrease in export expectations, raising bean carryout for both old and new crop.