Corn and soybeans both finished down today as funds continue to liquidate their longs heading into tomorrow’s report. Trade is nervous about this report as early harvested corn may inflate the ending stocks as of August 31st. Last year this report was bearish and then corrected in the next report. USDA is claiming they have this accounting error fixed but we will see for sure in tomorrow’s report. Soybeans found early support as the USDA announced 110,000 tons of beans sold to China for the present year. After beginning to show signs of demand recovery the corn market was slammed with news corn will be imported into the US as a few feed companies in North Carolina will import 827,000 tons of Brazilian corn. Even though we traded lower most of the day outside markets were supportive as the dollar traded lower and crude was up over $2.
Just a reminder the USDA stocks report is out tomorrow morning at 7:30 with average corn guess at 1.113 bln bu. and soybeans at 131 mln. bu.
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