Corn: Steady to up 1
Beans: Up 2 to 3
The corn market closed yesterday mostly unchanged with no new news to move the market. The EIA’s weekly ethanol production report showed production at 293 million gallons compared to 285 million gallons from the previous week. While the last 4 weeks have shown a trend of increasing production it’s still 3% below average levels of a year ago, and exports continue to struggle due to competitiveness from Brazil. Corn is trading slightly higher this morning as the trade watches for USDA’s weekly export sales report due out later this morning.
Soybeans also closed mostly unchanged yesterday as the trade continues to look to see if China will buy more beans from the U.S. or South America. USDA reported a sale of 128,000 MT of soybeans to an unknown destination, assumed to be China. The soybean market is trading higher this morning ahead of the weekly export report in hopes of more support from exports to China. Weather will continue to be a focus for both corn and beans as the weekly forecast across the Midwest looks favorable.