Corn: 3 to 4 higher
Beans: 8 to 9 higher
Last week, December corn futures ran up 17 1/4, closing Friday at $3.38. The USDA’s weekly crop condition rating report is estimated to show a 2 to 4% decline in crop conditions due to storm damage and lack of significant precipitation. It’s estimated that 35 to 40 million acres of farmland were affected by the storms with 14 million of those in Iowa. The Pro Farmer crop tour kicks off this week and traders will be watching to see what the scouts find in the fields. Further rallies may still be limited due to the large corn supply in the U.S. and around the world.
The soybean market also saw a rally last week with November futures closing at $8.98 3/4, gaining more than 30 cents for the week. Regular Chinese buying combined with the weather events last week pushed the market higher. Beans are about 8 higher this morning as the trade is estimating a 1 to 2% decline in today’s USDA weekly crop conditions report.
With harvest fast approaching, have you completed your new crop marketing plan? Contact your local grain marketing advisor to discuss which grain marketing alternatives best fit your operation.
Join us for pre-harvest location updates and a chat with our CEO Matt Carstens. RSVP today: https://marketing.landuscooperative.com/acton/rif/42104/e-018f-2008/-/l-tst:0/l-tst/showPreparedMessage?sid=TV2:in6yb00eT