Good morning!
Our markets are for the most part trading weather – and today the talk centers around decent rains that fell in the Western Corn Belt overnight. This system appears to be losing strength as it moves East but it is still expected to give the dry areas of Illinois/Indiana a little shot of precip over the next 24 hours. They still say they there is approx 1/3 of the corn belt that is considered dry and in need of a good rain. So even though these nearby rains are causing weakness – overall we still have problem areas. Don’t be surprised if today’s trade once again turns out to be choppy.
The USDA’s weekly export sales report was out this morning – both corn & soybean sales were on the low end of guesses which is neutral to a tad bearish. There were good exports of bean meal and oil – which could help support the complex as the day goes on.
Outside markets today are somewhat of a non factor, although crude oil is weaker which could drag on our grains as well.
Currently
Corn is down 5 to 7 cents
Soybeans are down 7 to 10 cents
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