Good morning,
Markets are weaker to start the day with corn down 3 and soybeans down 8.
Harvest is under way and both the corn and soybean crops are expected to be close to 20% harvested on Monday. There is some light rain around today but shouldn’t hinder any corn harvest. . Early yields, especially corn yields in the center of the belt, have been outstanding. However, traders still worry that the dry finish to the season may serve to limit the upside of yields. Dry conditions have sped up dry down this year and its very evident in soybean moisture that is testing as low as 8% in certain fields.
The Buenos Aires Grains Exchange yesterday said that some Argentine farmers had begun abandoning wheat fields due to dry weather in the north and west; conditions are better in eastern wheat areas. The country’s harvest generally begins in November. Corn planting was reported at 7.1% complete, with both crops planted on 6.3 million hectares (15.6 mln ac) this season.
Assuming we can hold above $4 today things should stay flat. December corn futures appear to be range bound between $4.00 and $4.15.
Have a Safe Day!
Garry Gard
920-348-6844
