Good morning! Corn is higher overnight after a six-cent decline yesterday. CZ simply trying to find a bottom, as the fund selling may finally dry up. Soybeans were stronger overnight, bouncing back from yesterday’s 11 cent drop. Equity markets are expected to open weaker again this morning after the Dow finished 800 points lower yesterday.
Weather in the next month is going to be very important for soybeans so forecasts are going to be heavily observed. There are chances of rain over the next seven days that are more concentrated in the western Corn Belt. The eastern Corn Belt doesn’t appear to have much rain heading its way.
There have been no recent sale announcements to China as the dispute on trade continues to sour with China saying they are going to take counter-measures to the additional tariffs that are to go into effect on September 1st.
Alton, Illinois is being commemorated for its agricultural history. In April of 1951, Dr. Benjamin F. Edwards received “Japanese peas” after traveling to San Francisco to help shipwreck survivors from Japan. Edwards gifted the six peas to a friend, who planted them in his home garden- making Alton the place where the state’s first soybeans were planted.
Have a great and safe day!
U/Z 11 carry, Z/H 12 ½ carry, Z/N 36 ¾ carry
X/F 13 ½ carry, X/N 46 ½ carry