Corn 1 to 2 higher
Beans 7 to 8 higher
Corn closed higher yesterday with support from the weakened U.S. dollar. Fundamentals continue to be positive for the corn market with strong cash bids and rising concern of dryness in Argentina. The EIA weekly ethanol production and stocks numbers will be released later today with expectations that production will be down a bit. Support for the corn market should hold through the early winter months if Argentina continues to have weather issues. This should also help support the December 2021 contract.
Beans rallied yesterday with fund buying and following U.S. financial markets. Bean oil held the lead, as Palm oil reached a 7 year high. The soybean oil market should have plenty of support since both the U.S. and South America cannot expand their crush levels quickly due to tight supplies. The market is trading higher this morning with support also coming from the meal market. Fundamentals are still strong and any setback should be supported. Chinese export demand is expected and should help support the market through the early winter months.