Corn steady to up 2 cents
Soybeans up 6 to 9 cents
Yesterday the corn and soybean market saw positive numbers with talk of large amounts of snow and rain expected to move across the northern producing states later this week. The cold, wet weather in the forecast is creating quality and yield concerns for the crop still in the field. Soybeans continue to trade higher this morning with China offering to import more agricultural goods from the U.S. Chinese officials are set to meet with their U.S. counterparts on Thursday. Corn seems to be along for the ride at the moment, but the weekly EIA ethanol production and stocks report will be out today. Production rebounded slightly in last week’s report, and producers’ margins have improved some.
Tomorrow we will see the release of a WASDE report at 11AM which will show us an updated yield, acre and stock number. Some analysts are looking for a reduction in the USDA’s corn and soybean yield estimates.