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.
As the summer starts to come to an end, we look ahead to fall activities and holidays. Will the demand for cocoa be down due to Covid and classroom closures?
Last week corn futures tested a big level of support last week at $3.25 and held up; soybeans pushed higher after touching the bottom of the trend channel.
