Corn: Steady to higher
Beans: 2 to 3 lower
Focus remains on the trade talks with China, which has cooled the markets due to lack of formalizing phase 1. The concern in the markets is that China does not want to commit to the level of purchases being discussed and will try to only cover their needs until South America’s harvest. South America did receive rains although not as much as expected.
Harvest remains behind the 5 year average and weather forecasts are spotty for harvest progress depending on the region. The main story on both corn and beans is lack of demand. As you finish up harvest contact your GMA about alternatives that will allow you to deliver grain and stay in the markets while managing your risk.