Corn and soybeans both have corrected lower this week after nearly a month straight of moving higher. The reason for the move higher was mainly driven by demand, mainly from China. Sales announcements that were once coming in daily, have dwindled and harvest has been off to a very quick start for the majority of the country, which has resulted in a pull back this week. Looking to next week, I don’t expect a ton of movement prior to Wednesdays Quarterly Grain Stocks report. Traders are looking for 576 Million bushels for soybeans on Wednesday report compared to last years 909 million bushels. For corn, traders see Wednesday’s quarterly grains stocks coming in at 2.25 billion bushels, compared to last years 2.221 billion bushels. Typically, this time of year is when we see large commercial selling into harvest as well as the charts currently being damaged and turning negative. Wednesday’s report should provide some volatility, so options might be the best route to take when playing this coming report.
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