Our markets had a solid week this week: May corn is up 15c and May beans are up over 20c from last Friday’s close, while yesterday both old crop and new crop corn made new contract highs. We did see some selling from the farmer yesterday which is to be expected when we get to prices never seen before. From the producer’s perspective, if they haven’t made fresh new crop sales at $5+ December futures yet, or at least started working offers, I’d be surprised.
Soybeans, meanwhile, have had a bit of a headwind lately as some of the USDA’s export/crush reports are starting to show the shift towards South America (meal out of Argentina, soybeans out of Brazil). I don’t think that’s a huge deal unless we start seeing massive cancellations. The story on beans remains the same: tight carry-outs this year, not enough acres for next year.
Today is Friday which means we have a couple days off from trading, which REALLY means we have a couple days where weather forecasts can change on us! The 7pm Sunday night market open tends to pack a punch this time of year, either higher or lower.
Corn is steady to 2 cents higher
Soybeans are 3 to 6 cents higher