Corn 3-4 better
Beans 4-6 better
The corn market is finding support this morning by the unexpected drop in the crop conditions rating yesterday from 58% to 55% good/excellent. Corn was helped by a significant rally in the wheat market as well. Rain and heat continue throughout the Corn Belt this week as there still is no significant frost date in the extended forecast. This has prompted traders to believe the USDA may raise their yield estimate in Thursday’s WASDE report. Soybeans saw little change yesterday with minimal marketing news. It is estimated from last night’s crop conditions report that there are 6 million acres of beans that haven’t set pods yet. That leaves a lot of acres that could take significant yield loss unless the first frost is unusually late.
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