Corn 5 to 8 higher
Beans 17 to 22 higher
Corn closed higher yesterday with expectations that U.S. corn exports will continue to rise. The U.S. dollar index weakness and drought in Argentina also helped support the market. U.S. ethanol production last week was the highest weekly production in 32 weeks. This dates back to when COVID started in late March. The market is higher again this morning as it builds off a positive close yesterday. Strong demand for U.S. corn and weather problems in Argentina are also supportive.
Beans also closed higher yesterday with support from strong exports and Brazilian weather concerns. The March contract made new highs and the strength in the market turned momentum indicators higher. Strength in the U.S. financial market also pushed the bean market yesterday. Beans are trading higher this morning as November contracts make new highs. Fundamentals are still solid and the USDA is expected to release another solid export sales report. South American weather concerns, expected Chinese buying, and a tightening supply of old crop all help to support the soybean market.
Keep in mind, there is a WASDE report to be released next Tuesday, November 10th. Let us know if there is a price you’d like to sell, and we’ll get an offer working for you, especially prior to the report.