CORN

The overnight markets were lower for corn.  Around 7 am, corn was down 1-2 cents.  The day session was lower all day with only a 4 cent range.  Corn finished down 3 cents.  For the week, December corn was down 13 cents. The US equity markets and US Dollar were hit hard on some bad headlines from the US-China trade front.  The 7 day weather models show that spotty rains should be seen over most of the Midwest.  The ProFarmer crop tour released their findings after the close.  They see the US corn yield at 163 bpa, vs. 169 bpa from the USDA.  They see Iowa at 181 bpa, Illinois at 170, Indiana at 160, Minnesota at 167, Nebraska at 183, Ohio at 150, and S. Dakota at 140 bpa.  They see total corn crop at 13.358 billion bushels, vs. 13.901 billion from the USDA.  They also lowered harvested corn acres by 200,000 to get their numbers.  Technically, December corn made another new low close.  Corn spreads were slightly weaker.  Area cash basis levels were steady.  Energy markets were weaker and Precious Metals were sharply higher.  Funds were net sellers of about 15,000 corn contracts today.  The COT report showed that funds are now about 80,000 contracts short for corn as of today.  

SOYBEANS

Bean prices were unchanged around 7 am this morning.  The day session saw bean prices push lower and stay that way all day.  Beans closed down 10-12 cents.  For the week, November beans were down 23 1/4 cents. The big news during the early trading session was news that China was going to raise tariffs on $75 Billion of US goods.  Soybeans are still expected to see some beneficial rains early next week.  ProFarmer released their findings and see US soybean yields at 46.1 bpa, vs. 48.5 bpa.  They see Iowa at 55 bpa, Illinois at 50, Indiana at 46, Ohio at 39, S. Dakota at 39, Minnesota at 42, and Nebraska at 57 bpa.  It will be interesting to see how the Sunday night markets react. They see the total production at 3.497 billion bushels, vs. the USDA's 3.68 billion bushels.  Technically, November beans made a new low close for the month of August.  The soybean complex was weaker.  Livestock markets were sharply lower.  Soybean spreads were weaker.  The funds were net sellers of about 9000 beans and 5000 bean meal contracts on the day.  The COT report showed that funds are now short about 87,000 contracts of soybeans as of today.