Corn: Steady to Mixed
Beans: Steady to 1 higher
Last week, we saw a nice rally in both corn and soybeans, with bean futures climbing around 18 cents. The overnight trade was relatively unchanged from Friday’s close. Bulls are hoping to see continued Chinese demand which has pushed sales recently. Friday carried some weakness in corn as the energy markets dipped and continued political unrest with the upcoming election.
The main issues facing both markets today are how involved China will be with their purchases, yields, and South American weather. La Nina weather is throwing a curveball into the situation and we are likely to see some rapid changes in forecasts. This Friday will also reveal the monthly WASDE report. Currently, managed money is extremely long soybeans. This is the longest position they have held since the 2012 drought. It’s likely we see some profit-taking and risk-averse money leave the market ahead of the report. Soybean stocks are expected to be reduced, but we need to see if that number is closer to 300 or 400 million to determine the direction of the market.
The current forecast for our part of the world looks to be very good for harvest progress this week. We know many of you have been pushing hard for a few weeks. Please take an extra moment each day to think about safety and make sure everyone on your team understands how to safely do each task required of them. Long hours and a stressful environment shouldn’t lead to an unsafe issue.
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