Quiet Week for Corn and Beans
It was a very boring week following the corn market. For the week corn gained 3/4 of a cent. The volume was extremely low the whole week. It sure appeared that traders and end users were all just waiting for the Quarterly Grain Stocks report that will be released by the USDA at 11:00 this morning. he average trade guess for corn stocks as of September 1 is 2.43 billion bushels. That would be 300 million bushel above last year.
Beans follower the same pattern as corn with narrow ranges and very low volume too. For the week November beans gained 1/4 of a cent. November beans did break through and trade above overhead resistance at $9.00 but could not close above it. For the Quarterly Grain Stocks the average trade guess is a stocks of 982 million bushel. That is more than double last years stocks!
After the numbers today traders will focus on the weather and actual yields coming off the combine. I have a hard time believing yields will be down a lot from traders expectations!