Beans: 4 cents lower
Grains trading lower this morning after a holiday weekend as rain and cooler temps are moving through the Midwest. The biggest news is traders will be waiting patiently for the September 11th USDA WASDE report to see updated production numbers. The average trade estimate has corn yield at 178.3 bpa, production is pegged at 14.898 billion bu., harvested acres are estimated at 83.5 million. Soybean yield is estimated at 51.8 bpa, production is pegged at 4.295 billion bu., harvested acres are estimated at 82.9 million. The average trade estimate has 2020/21 corn ending stocks estimated at 2.451 billion bu and soybeans stocks are pegged at 465 million.
We keep seeing solid export sales almost daily of corn and beans for the 2020/21 marketing year. Headlines this morning did say President Trump intends to curb the U.S. economic relationship with China by threatening to punish any American companies that create jobs overseas and to forbid those that do business in China from winning federal contracts.