Good morning!

Tropical storm Isaac is approaching New Orleans, now expected to be a Category 1 hurricane – it should be over land this evening.  The export houses are all shut down in preparation and 40% of the gulf’s oil production has stopped.  Heavy rains will push up into parts of the corn belt from this storm.  This is viewed as a bearish to grains by some traders because of the long term possibility that the dry pattern we have been stuck in is finally changing.

Other than that, there isn’t much to talk about.  Export news is relatively quiet, however the USDA did confirm this morning that China bought 110k tons of soybeans for the 12-13 crop year.  Outside markets are quiet also, it appears the financial world is waiting for Bernanke’s speech later this week. 

Currently

Corn is steady to down 2c

Soybeans are down 7 to 10 cents

Have a great day!

http://www.fccoop.com/markets/information.cfm

5-day QPF: