On the day, corn settled up the limit 30 cents at 715.75, beans were up 17.75 at 1379.75, meal up 4.9 at 361.0 and wheat finished up 41.5 cents at 718 in Chicago.
We don’t believe now is a time to panic. That being said, our bias heading into the report is that its most likely to be bearish as USDA likely has little chance to account for any lost acreage, outside of the four states being resurveyed, and any massive reduction in yield from USDA would seem unlikely until field surveys can be done.
We look for corn to open 2 to 4 cents lower and soybeans to open 5 to 6 lower.
Daily CME spot market prices:
Block cheese: $2.15 (down 0.25 cent)
Barrel cheese: $2.13 (unchanged)
Butter: $2.1025 (up 0.25 cent)
Grade A NFDM: $1.51 (unchanged)
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