Our markets (soybeans in particular) felt a little firmer overnight last night, partly due to stories over the weekend that more and more of the gulf export houses along the Mississippi have started to fire back up. There is a still a long road ahead but power is coming back online and parts of the Mississippi are now open again. It sounds like they are hoping to have the full river open in a few days with the rail service coming right behind it. All good things.
We will have to wait until 11 a.m. Friday to get the biggest piece of news this week when the USDA’s September Crop Production and Supply & Demand reports will be released. Most are expecting these to be slightly negative to our corn/soybean prices as the market is fearful of an increase in both acres and yield.
Overall for today, we look to start off with higher prices in soybeans thanks to recent export demand news from China (and ideas that we will have the elevators to ship it) and we look for softer prices in corn, based mostly on the idea that the corn crop is getting a little larger in the eyes of the trade. Also of note, the weekly crop progress that is normally out Monday afternoons will be released this afternoon due to the Labor Day holiday.
Corn is steady to a couple lower
Soybeans are 6 to 10 cents higher