Good morning!
There is very little news to go on this morning, the weather outlook is actually a touch negative with these nearby high temps looking like the last push of heat (finally) we will see for a while. It is also hard to get bulled up about a potential early frost when the local news calls for triple digit highs here in central Iowa. But, in spite of that the soybean market inched higher overnight on what was likely a bit of short covering. These higher soybean prices may falter as we get further into the day.
The outside markets are mixed with Crude Oil a bit lower, the $US a bit lower and the US stock market called higher. Weekly crop ratings will be out this afternoon with the trade already pricing in a 3-5% decline in soybeans and a 1-2% decline in corn. Anything less than that and you can expect lower markets, if the drop in G/E ratings is more severe – expect a rally. Those numbers come out later this afternoon (after the close).
Opening Calls
Corn down 2 to 3 cents
Soybeans 3 to 5 cents higher
Have a great day!
Dustin Weiner
@fccoopgrain
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