Morning Market Review by Bryce Knorr
Morning Price Trends
Corn: Up 3 to 6
Soybeans: Up 20 to 25
Wheat: Up 2 to 6
Futures are trading higher across the board this morning, led by a soybean market that’s making new contract highs. Outside markets are also friendly, with optimism growing that Europe will be able to resolve its debt problems. However, volume remains rather thin in many markets, which could increase volatility.
Corn is following soybeans higher, with December moving through chart resistance, edging closer to its Aug. 10 all-time highs.
Monday’s Crop Progress ratings stayed unchanged overall nationally, with 23% of the nation’s corn fields rated good to excellent. Conditions generally improved in the east due to cooler and wetter weather, but continued to ease in the west. Yield potential rose .1 bpa, with the average projected now at 115.7 bpa, in a range from 112.8 to 118.6. USDA said the crop was 60% dented and 17% mature, while 4% was already harvested.