Corn futures made a slow and steady walk higher this past week, with the Sunday night open being the low. For Soybean futures the low of the week was also the Sunday night open with a push into Fridays high tick close.
Genetically engineered Corn and Soybeans both saw their ratings drop in Monday's grain report sending prices higher so far this week.
Wheat fell on weather reports out of Australia and South America while Corn and Beans hung there, supported by a lack of rain in August.
The hot and dry weather is keeping Corn and Soybean futures prices inching higher. It's possible the rally will be short lived after rains from the Tropical Storms in the Gulf of Mexico hit.
Corn and Soybean futures saw an initial pop this week based on fears of damage done to crops in Iowa and other states.
Strong demand talks from China for soybeans and concerns over crop damage have been the main stories.
Eugene Graner provides a grain market overview. Harvest lows were already priced in for big crops early this year.
The August USDA crop report was slightly bearish as U.S. corn/soybean yields surpassed trade expectations.T he NASS yield estimates didn't come as a big surprise relative to what traders had been discussing.
The storm that went through most of Iowa, Illinois, Michigan, and northern Indiana, won't have as much of an effect on soybeans as corn.
Corn futures finished last week by putting in new contract lows at $3.20, closing the week at $3.21. Keep your eye on Wednesday’s WASDE report for new direction in the soybean market.