Corn posts its third lowest close of the downtrend.

August 1 - 27 rainfall, weighted among 12 Midwest states, was 3.2 inches. The average is 3.6. There is four days left of data for the month to report. Yield hits are expected for corn but the question is whether it will be enough to change a clearly in place change in supply narrative. Late August is not historically a major yield determinant for corn. Soybeans are the more interesting question. USDA does not have to address the likely coming hit to exports yet. They can delay that for another two months or so.

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