We saw our corn and soybean markets both close higher yesterday for the first time all week (!!). Last night, the soybean market caught a bid thanks to stronger export and strength in Chinese markets. On the corn side of things, corn struggled to do much last night; it didn’t make new lows but it was unable to maintain yesterday’s strength.
The headwind for corn could be coming from the updated yield estimates from private companies that are starting to be released. Yesterday one of those companies pegged corn yield at 177.5 bpa, which is quite a bit higher than what the USDA gave us in the last report (174.6). There will be more estimates to come as the days roll by, and I expect many of them to show similar to maybe a little higher yields than what the USDA gave us a month ago. Not surprising with the improved weather, but not friendly to prices either. The USDA’s next S&D / Production report will be out one week from today.
Corn is 2 to 3 cents lower
Soybeans are 5 to 8 cents higher
REMINDER: there are no markets Sunday night, or Monday during the day. After we close this afternoon, trade will resume at 7:00 p.m. Monday night.