Both corn and soybeans finished lower today. Corn saw position squaring ahead of the USDA report due out tomorrow. While this report will not have any updates to production numbers, which is due out in the January report, traders are expecting an increase in ending stocks. Lower crude oil and a higher US Dollar also put pressure on the corn market as well. Weather continues to impact the final leg of harvest of throughout several key states, which is providing modest support to the corn market. With 12% of the US corn acreage remaining to be harvested, along with 1.5 billion bushels in temporary storage throughout the US, one has to wonder if Ag fundamentals will start to play a roll in the direction of the corn market.
Chris Spurlock
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