Our corn and soybean markets are weaker this morning, the technicals (charts) look to be turning lower and in the short term they may need some sort of ‘new news’ to turn them around.
The USDA comes out with their updated S&D numbers next Thursday (Sept 12th). Soybean yields are expected to be lower (U.S. yield was 42.6bpa last month) which helps explain the $2 rally soybeans have seen since the start of August. The corn yield is a bit of a question mark. The USDA had U.S. yield pegged at 154.4bpa last month – which is pretty close to the average trade guess today. It is worth noting that some well-followed private companies have that yield estimated above 156bpa, which if true – would be negative to prices.
Opening Calls
Corn down 4 to 6 cents
Soybeans down 10 to 15 cents
Have a great day!
Dustin Weiner
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