Markets are bouncing on both sides of unchanged this am with corn currently up 3 and soybeans down 3.
With harvest roughly halfway over, the markets are starting to see some signs of life. Soybeans are finally trading above $13 on the CBOT and corn is approaching the $5 mark on the CBOT.
After a weekend of wet weather, forecasts have cleared up and the harvest is progressing. The 6-10 day warms up which should allow harvest to stay at if not ahead of the average pace.
With harvest hitting full stride, producers should be looking ahead and making plans for space. With large wheat and soybean crops occupying commercial space its going to make corn space a premium. This will result in longer lines, slower dumping and basis levels that are historically wider than normal. I would advise producers to take advantage of current basis levels to lock in that portion of your pricing to guarantee space and avoid the wider basis levels that are expected. This will give you the opportunity to carry the crop into December or the first of the new year when we could see CBOT prices bounce.
Give us a call to see what options are available.
Have a Safe Day!