Corn: 1 to 2 lower
Beans: 2 to 3 lower
Yesterday, the corn market was lower on positive weather in the forecast and promising yield reports coming in. Today, we will see the release of the Quarterly Grain Stocks report out at 11 A.M., which is expected to keep board values under pressure. Corn stock as of September 1 are expected to reach 2.25 billion bushels compared with 2.22 billion last year. While this number is higher than a year ago, the strong demand from China and yields reports are just trickling in, and are factors that show underlying support. Mostly dry weather across the Midwest in the forecast will help keep harvest on track.
The soybean market closed lower yesterday, and also lower on the overnight trade. Yesterday's trade pushed the futures to the lowest level since September 16th with good weather and good yields weighing in. USDA will revise the U.S. 2019 soybean crop today with the average guess for 3.575 billion bushels of production vs. 3.552 billion previously.
With continued market volatility and harvest pressure, this is a great time to be in contact with your local Grain Marketing Advisor to walk through marketing solutions that work for your farming operation.