(Illustration by Nick Scalise)
OMAHA (DTN) – After opening Sunday night, corn and soybean prices are still being impacted by the USDA’s higher-than-expected Friday corn crop estimate and lower-than-expected soybean crop estimate. Corn in December is down 1 cent and soybeans are up 11 cents in November. Much of the corn belt saw favorable rains over the weekend, but the Dakotas, Minnesota, northern Iowa and Wisconsin were largely absent. Moderate amounts of rain are expected in Nebraska, northwestern Iowa and southern Minnesota over the next few days, with milder temperatures intruding from the northwestern plains. September KC wheat is down 8 cents and September Minneapolis wheat is down 4 1/4 cents. August Crude Oil prices are down $0.18 and Dow Jones futures are up 1 point. The US dollar index is up 0.04 and gold is down $3.40 in August.
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