Weak Opening

At 9:40 am,

Corn and soybean prices both opened much weaker than pre-opening calls suggested. This needs to also be viewed in the context that crude oil went from trading 50 lower to trading $1 higher at the opening. This was is a very weak set-up.

The corn report isn't bullish and the trade understands that corn usage figures are likely overstated, especially ethanol. With no new production figures until January, we are at a climax point in regards to upside momentum. We are vulnerable to a notable correction phase in both corn and soybeans. Current levels should be seen as a selling opportunity by producers.