- Markets are seeing a bounce this morning, with corn up about 2 cents to start and soybeans up over 11 cents early, but now only up 8 cents.
- The early market rally seems to be due to soybeans and meal receiving a positive boost of pricings on the futures markets.
- Early harvest results continue to have a theme of better than expected corn yields.
- Private exporters reported to the U.S. Department of Agriculture export sales of 190,000 metric tons of soybeans for delivery to Mexico during the 2017/2018 marketing year.
- Disappointing corn/wheat sales with another BIG week for soybean export sales, as expected.
- Cash corn/soybean markets at the gulf are firmish.
- Corn continues to have a hard time staying below 350, but will better than expected yields change that? Support at 3.45 and resistance 3.54.
- Soybeans keeps flirting with the 200 day moving average of 978’4. It hasn’t been higher since the end of July.
- Wheat tipped 455 this morning before pulling back. Gains continue to be slow with little news trading.
- Rains still seen working across the WCB in the next few days to slow down the drying out process. Well above normal temperatures and a dry outlook should put harvest well underway in the ECB this weekend.
- The 6-10 and 11-15 period both have needed rains hitting parts of Brazil.
- Corn continues to find support below 350, where buyers and bulls feel comfortable stepping back in. However, the market this morning is driven by soybeans, which have seen positive gains due to end user pricings. Better than expected yields will try to cap any big gains, but for now, the bulls are holding their ground at 350.
- Soybean exports continue to be supportive or prices even with good yield reports and larger acres. Soybean prices have a tendency to be more fickle than corn prices though and with 380 still looking like a strong cap, we’re unsure how long bean rallies can continue.
- Wheat closed firm yesterday and is up this morning. The gains are slow and small, but most are taking advantage of any dips in order to capture those small gains.