Corn and Beans Waiting For Confirmation ?
It seemed like the corn market was pretty quiet last week as we enter the 2018-19 marketing year. It appears the traders are waiting for corn harvest to really get rolling to see if the yields are as high as the crop conditions indicate or as high as the USDA August report projected. The market is likely also waiting to see if the USDA raises the national average yield in Wednesday's September report. Corn is entering the new marketing year with export sales at 11.471 MMT. That is an increase of 21.31 percent over last year.
It was a similar story in soybeans last week as corn. Traders are waiting for harvest results and the September USDA Supply Demand Report on Wednesday at 11:00 am. President Trump announced Friday that he is ready to impose another $267 billion in tariffs on China if needed. I read last week that China is waiting until after the mid-term elections this fall before making any moves on resolving the trade war. While we don't know for sure if that is there plan it seems logical. What we do know is it appears there will not be a resolution anytime soon!