Corn is up 2 and soybeans up 5 after a productive harvest weekend. Forecasts look good for corn and soybean harvest this week with slight chances of rain next weekend. This week’s weather should allow local producers to make significant progress or complete soybeans. Harvest progress will be released this afternoon and is expected to be ahead of last year and the five year average. Keep in minds that this afternoons report will not include all of the activity from the weekend.
Friday’s Cattle on feed was below expectations at 105.4% vs. 106.4%. Placements were 95.4% vs. 100.1% estimate and marketing’s were 96.4% vs. 97%.
Funds ended the week long just over 2000 contracts of corn after a strong week of buying. We will continue to monitor this position as it is a great indicator of where the market is headed.
Look for the markets to remain range bound with traders continuing to monitor export forecasts and South American weather.
Have a Safe Day!