Corn steady to 1 better
Beans 6 to 8 better
Corn crept a little lower yesterday with the warm weather throughout the mid-west and the still poor demand outlook for U.S. corn. Yesterday’s ethanol report did show that ethanol production has picked up and stocks dropped, which are positives to the market. The trade isn’t expecting any big surprises in the WASDE report that comes out at 11:00 am today. This morning, corn is trading higher due to short covering of the substantial short position the funds are holding ahead of the report. Beans are trading higher today, offsetting the loses we saw yesterday. The trade is keeping an eye on the dry weather conditions in Northern Brazil and the around 6 million acres of beans that have not set pods yet according to Monday’s Crop Progress Report by the USDA.
Reminder, that the September WASDE report is out today at 11:00 am. If you would like to have an offer in ahead of the report please contact your Grain Marketing Advisor or local Landus Cooperative location before 11:00 am.