The soybean market is lower this morning and looks like it could be in trouble technically (read: on the charts) after taking out last week’s lows during the overnight session. This technical selling in soybean seems to be leading most of the markets lower.
Corn is a few cents lower overnight, some of that due to the weakness in beans. But also, with another 48 hours of warm, dry weather on the docket – the US farmer will be getting a big chunk of planting done between now and the (potentially heavy) thunderstorms coming later in the week. Unfortunately, that rain is not timed well for everybody (it never is) -- planting delays in Minnesota (and northern Iowa) look to continue. The 6-10 day precip map shown below looks like it could provide another window for field work to be done. This slot (next week) will be the next window of time the market will focus on.
Opening calls
Corn 3 to 5 cents lower
Soybeans 10 to 15 cents lower
Have a great day!
@fccoopgrain
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