Grain markets are higher this morning with corn reaching a one- to two-week high. Grains bounced up this week after everyone was jittery last week in anticipation of the USDA report, said John Payne of Daniels Trading Division of Stonex.
Crude oil is making a new multi-week high this morning, and with weakness in the dollar, this is providing some outside-market support, especially for corn. Also today, the weekly ethanol stats will be out, Total Farm Marketing said this morning.
Driven by drought conditions in western Canada, Canadian farmers are projected to produce less soybeans, wheat, canola, barley and oats but more corn in 2021 than in 2020, according to Statistics Canada production crop summary report released Tuesday.