Corn: 1 to 2 Higher
Beans: Steady to lower
The corn market has drifted lower despite strong weekly export sales. The bulls and bears are fighting over whether China will buy more U.S. corn this year, if the USDA will trim production going forward, improving weather in Argentina despite La Nina and a weakening U.S. cash market. For the time being it looks like the bears are in control and we will need to see support around the $3.60-62 area on Dec futures hold. Any problems in South America should help hold prices at these levels.
Soybean export sales for the week beat the estimates but there is concern that Chinese buying, specifically by the Chinese government, may be coming to a halt. The trade will be focused on the private importers/crushers to see if they remain in the market for U.S. beans. An absence of Chinese buying yesterday which is the first time since September 8th is also fueling the bears arguments.
If you have not been talking to your local GMA now would be a good time to contact them. We have several marketing alternatives to help you maximize your selling potential.
**PLEASE NOTE** The phone number 877-778-2226 will be retired at the end of next week. We are encouraging people to contact their local Landus location or their local GMA. If you need a phone number for either, they are available on our website.