Corn and soybeans both see lower prices last night and into this morning from an increase in the G/E ratings from yesterday afternoons Crop Progress Report. Corn and Soybeans both came in at 72% G/E, while most analyst were looking for 69% and 71% was the top end of their range. The Eastern corn belt carried the bulk of the improvements, with parts of W. Iowa still struggling to get much needed rain. On top of the better ratings, there were no sales announcements for the first time in 10 trading sessions. The weather outlook remains less threatening as well. All of this has lead to corn being 3-5 cents lower and beans down 15 cents this morning. Technically speaking, beans have a little more down to go before hitting major support at $8.77. Corn has broken support and looks to make a push back towards the mid to low $3.20’s.
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Our 2020 Grain Outlook Includes:
– World Corn Outlook – Stock Change vs. Usage Ratio
– U.S. Soybean Export Sales and USDA Forecast
– U.S. Planted Wheat & World Wheat Production
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