Corn: 8 to 10 lower
Beans: 15 to 20 lower
Overnight, the markets traded significantly lower with concerns of another lockdown in Europe with Covid-19. Corn closed down 10 overnight with funds taking profits ahead of the election next week. There were no new export sales announced and the weather in South America is favorable for the next week. With the rise in Covid infections in the U.S., this week's EIA’s ethanol production and stocks reports is likely to continue to show production below what is needed on the weekly basis to meet the USDA’s projections on corn for ethanol production. U.S. Gulf corn still remains the cheapest in the world due to problems in the Black Sea region and the EU as well as concerns about La Nina.
With a good weather forecast in Brazil, planting progress should rapidly pick up and lack of Chinese also had beans down overnight. Soybeans closed down 20 overnight with meal down almost $12 and oil also down significantly. Expect to see some profit-taking through the rest of the week as we move into the election next week.