Commodities are unchanged this morning with a lack of follow through buying after a couple days of higher trade in the corn and bean markets. There has been some technical buying and short covering after Monday’s news of Canada and the US coming to an agreement on NAFTA.
December corn is trying to hold above its 50 day moving average and is currently trading at $3.68.
Forecasts for the next 10 days are calling for extended periods of rain impacting harvest activities throughout the central US. An estimated 35-40% of the corn and bean crops will be directly impacted by this weather with soybeans being the most susceptible to loss.
President Trump is expected to visit Council Bluffs, Iowan next Tuesday to announce the lifting of the summer ban on higher ethanol blends of gasoline and to possibly announce tighter restrictions on the trading of ethanol blending credits.
Producers should be looking to add to their corn sales for this winter and next spring at current levels. Sales of $3.60-3.65 for January thru May are now obtainable. Producers should also be looking to put small sales on for next fall in the $3.70 range.
Reminder – All loads need to be scheduled prior to delivery.
Have a Safe Day!