Good morning! Happy Monday. Chicago corn and soybean futures slid on Monday as traders squared positions ahead of a U.S. supply-demand report, although losses were limited by concerns over dry weather curbing yields across the U.S. Midwest.
Questions remain on accuracy of acreage date. The fact remains that markets trade the USDA numbers. The USDA is the gold standard. Analysts polled ahead of the USDA report expect the agency to cut corn and soybean acreage and production estimates
Grain markets were supported last week by dry weather in corn and soy production areas of the U.S. Midwest, which could dent yield prospects after excessive spring rains that delayed or prevented many farmers from planting.
Concerns over the trade war continue as global economic concerns mount. U.S. President Donald Trump said on Friday that he was not ready to make a trade deal with China, fanning fears of a drawn-out and disruptive trade dispute that is now in its second year.
Have a great and safe day!
Corn: 7 ½ carry.
Soybeans: 12 ¾ carry.