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.
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.
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.
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.
