Corn futures are called 4 to 5 cents higher this morning, based on overnight Globex action, a smaller FCS yield estimate and bargain hunting following the Thursday sell off. Prices sold off sharply on Thursday due mostly to profit taking ahead of the 3 day weekend. Funds sold an estimated 18,000 contracts. The dollar ended about 400 points higher on positive U.S. manufacturing data for August. After the close, FC Stone estimated the U.S. corn yield will average 146.3 BPA and production at 12.35 billion bushels.
Soybean futures are expected to open 3 to 5 higher. FC Stone lowered their estimated soybean yield estimate to 41.05 bpa from 42.4.
As seen on Bulger Market Report
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