Corn opened 3 lower and soybeans 7 higher to start the day.
US corn ratings increased 2 pct to 64 G/E. The rating surprised the market, where trade analysts were estimating an average weekly rating of 62% for the week with a range of 59% – 64%. The ratings boost was welcome news for farmers as crops continue peak maturation development. Soybeans conditions stabilized at 60% G/E for a second straight week in yesterday’s Crop Progress report, which was in line with analyst expectations.
Storms moved through the US yesterday and will continue to do so today. The 10-day forecast by the EU has most of the rain falling in the next 48 hours. Illinois and East look to be the benefactors of the rain event as the West is primarily dry. A tropical storm is heading into Florida, which is impacting weather models this morning. There is enough rain on the radar to hold markets back, but we are not falling apart either.
December corn has been trading around 5.50 for the better part of a month. I think producers should be making sales at these levels as they are very good prices. There are so many unknowns in the market that you always have to worry at least a little about losing your market when its good. Covid, the USDA or something that we are not even expecting could always knock it off its block.
Have a Safe Day!