Soybeans regained some of their ground to corn today after making new contract highs today. December corn finished 2 cents lower, November soybeans 17 ¼ cents higher, and December wheat 6 cents higher.
Today we found strong buying support in November soybeans especially after some technical levels were breached. The corn to soybean ratio has been so heavily weighted to corn lately that a small reversal is to be expected.
Tomorrow we will have export sales in the morning. Here are the following market estimates:
We will have the actual in tomorrow morning’s letter.
Weather looks like we should see some quality rains through the better part of the corn belt over the next couple of days going into the weekend. Weather and the Monday morning crop conditions reports should still be the main driving factors until we get into harvest. We just made new contract highs in corn and we could easily see this push continue with the bullish sentiment. We want to stay well protected with sustainable hedges.
Please call your broker if you have any questions.