Markets are weaker to start the week with corn down 6 and soybeans down 17.
Follow through selling from last week’s bearish report along with favorable harvest weather have the market on it heals today. Weather looks to offer a wide-open week for harvest to keep rolling or get rolling in several areas of the US with no storms in the eastern corn belt until the weekend.
Early yield reports out of IA, IL, OH, IN have varied, but overall are above producer expectations and in line if not above APH’s. Lower moisture and good test weights have been reported in almost every area of the country where harvest has begun. Despite concerns it appears that the hot and dry conditions this summer helped add starch to the kernel.
It appears that it is time to throw in the towel for producers sitting on old crop corn as end users appear to be covered and early harvest is weakening basis across the country. September corn is currently trading at a 40-cent premium to October corn and that premium is slipping away quickly.
Traders will be looking to this afternoon’s crop progress report to see how much of the crop is in the dent stage and how much harvest progress has been made.
Have a Safe Day.