Corn: down 1 to 2 cents
Beans: steady to 2 lower
Corn is trading lower this morning after yesterday’s slightly negative close for July futures. Weather continues to be a focus as the forecast calls for rain, while soil moisture in most of the corn belt is ideal. Today’s release of the Energy Information Administration's weekly ethanol report is expected to show an increase in gallons produced last week, however, this would still remain below the weekly average needed to meet the USDA’s yearly forecast. Bulls are looking at the decline in the crop condition rating and a predicted increase in the weekly ethanol production report, while bears remain focused on the large carryout number and what looks to be an above-average yield.
Soybeans are trading slightly lower this morning as ideal weather and a positive crop condition rating leave the market struggling to find a rally. Soybean supplies look to be ample this coming year and we continue to wait on news of further purchases from China.