Good morning!
The weekly export sales report was out this morning and it was disappointing for corn, beans and wheat. All three commodities had sales numbers that were below the lowest trade estimate. Soybeans were still trading positive after the report, but were 5c off of their overnight highs. (Export sales detail below). There have been a couple new soybean sales announced to China this week, meaning that next week’s report could look a little more friendly.
The rest of the day today will likely remain choppy with the report due out tomorrow at 11AM. Corn futures are already testing the contract lows that were made yesterday. The big question for yesterday’s report is – if the crop comes out bigger (which is expected) – is that already in the market? Or will that just continue the push for lower prices? Just over 24 hours from nowwe will all be a lot smarter.
Opening calls
Corn down 2 to 3 cents
Soybeans steady to up 4 cents
Have a great day!
Dustin Weiner
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