Corn 1 to 2 lower
Beans 2 to 4 higher
The corn market trader lower overnight and into this morning as the crop rating was within expectations of 1 point lower. The crop rating also supports the USDA’s most recent yield projections. On the bullish side, U.S. corn exports were near the top end of expectations, and funds are now long futures.
Soybeans continue their upward climb with the crop rating declining another 2 points, down 11 points since the beginning of August. Strong Chinese buying supports beans prices, but these high prices are also incentivizing Brazilian farmers to increase soybean acres. Remember, Chinese buying turns to South America after the first of the year, and also, despite crop problems in August, the U.S. is set to harvest a large crop.