Good morning! Corn recovered overnight after dropping 41 ¼ cents in the two days prior for the December contract. Soybeans were slightly weaker overnight, giving back some gains following yesterday’s 10 cent jump higher. A sharp reduction in planted acres from USDA on Monday and an announcement from the Trump administration saying additional tariffs would be delayed until December on certain goods provided support.
US weather seems mostly non threatening as scattered rain falls, hitting some dry areas of the Eastern and Western Corn Belt. The central Corn Belt didn’t get as much rain as hoped but another chance of rain is expected for the end of the week.
The focus will now turn to the Pro Farmer Midwest Crop Tour next week. They are expected to run into immature soybeans due to the delayed in planting this year.
Have a great and safe day!
U/Z 10 ½ carry, Z/H 13 ¼ and Z/N 27 carry
X/F 13 ¼ carry, X/N 47 carry