Corn saw some pre report positioning again yesterday and this morning as it closed down -.02 yesterday and is down 2 today. USDA progress report yesterday afternoon estimated corn harvested progress at 34% complete vs last week at 26%, compared to the year ago week at 21%.
• Wet weather continues to plague the corn belt but forecasts are calling for things to clear early tomorrow for a considerable stretch for most of the Midwest.
• The USDA October S&D report will be released Thursday at 11am. Private analysts are calling for a ½ to 1 bpa increase in both corn and bean yields from the USDA September report.
• India has stepped up to fill some of the void left by the trade war between China and the US. Indian exports to China have increased 53% from April thru August year on year.
Producers should take advantage of the recent rally by making sales for December and January to core out bins with prices in the $3.50-3.60 range. Producers should also be making basis sales for March thru July at current levels. The later start to harvest is going to make this year’s new crop stretch further into the spring and summer months. This along with the large size of this crop will result in wider basis levels across the country.
Producers looking to move corn this fall should be making cash or basis sales to guarantee you have a spot to take your grain. With a smaller harvest window, space will be much tighter.
Have a Safe Day!