Good morning!
Currently our markets are mixed with corn and wheat higher while soybeans work lower. Some private production estimates on beans came out late yesterday indicating bean crop size may actually be holding steady to increasing in size (the trade is/was expecting the USDA’s bean number to be reduced from last month). That and weaker bean basis has the soybean markets stumbling a bit today. Informa will release their crop estimates tomorrow – they seem to be the main private estimate that the trade watches closely.
The trade volume seems awful light right now, which makes it hard to hold onto one direction (read: choppy). Currently corn is higher based on some rallying in the outside markets. Crude is up over $1, gold is up, the dollar is weaker, the dow is higher. As thin as this market is, any break in the financials/equities and corn could be in the red – same as soybeans.
Weather models are still dry for parts of northern Brazil... it is too early to get worked up, but the world cannot afford a back-to-back drought in South America (their poor crop last year is a big reason why China is buying (or has bought) all of our U.S. soybeans this fall).
Currently
Corn is steady to up 2 cents
Soybeans are down 12 to 15 cents
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