The corn market is acting tired so far this week. Monthly USDA supply/demand report is out this Friday and it feels like the market is anticipating a slightly larger carryout, due to lower demand from the export and ethanol sectors. Weekly corn export inspections this week were a 30-year low, reflecting just how poor world demand is for US corn at these prices. Additionally, trade talk of more Brazilian corn offered to the SouthEast US feed markets as well.
Soybeans managed to close higher as South American weather is still a concern. Logistics problems (transportation/port strikes) are a safe bet going forward as Brazil and Argentina together prepare for a record large soybean harvest.
Producer selling thus far this week is extremely light.
Jon Setterdahl
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