Corn: Down 2-3 cents
Soybeans: Up 3 to 4 cents
A heavier dose of sorting fact from fiction in the middle of this week as the trade attempts to figure out Chinese demand. A sale was reported of 4.8 million bushels for new crop beans to China yesterday morning, sparking renewed optimism towards trade relations. Beans found over 10 cents on the board, and soybean oil hit its highest close since March. Recently, beans have had 855 as a ceiling, a close above that might finally signal a break out of the channel it has been locked in. Currently, we sit atop the 50-day moving average, and it looks to be the first legitimate opportunity to make some new crop sales. As quickly as these windows open, they can close just as fast as these trade headlines are still supported on some fragile relations between the two counties.
Corn found a little bit of a boost as gasoline closed at a 13 week high yesterday. Ethanol stocks are expected to decrease once again as the economy continues to open up amid reduced restrictions. Traders are hopeful that OPEC will extend production cuts for another month.