Corn: 1 to 3 higher
Beans: 10 to 12 higher
Yesterday, corn lost a little ground before recovering overnight. Nationally, the USDA says 82% of corn acres are harvested, up from 72% previously, 49% at this time last year, and 69% on average. Iowa was 87% vs. 78% last week, 38% last year, and 63% average. Illinois at 89%, Nebraska at 86%, and Minnesota at 83% are all well ahead of average, while Indiana at 73% is slightly behind their 74% average. Corn exports at 28.4 million bushels last week, were up a little from the previous week of 26.8 million. However, this was near the bottom of the range of expectations. It’s kind of hard to call it disappointing, though in the face of very large soybean exports last week.
Yesterday, January soybean futures lost 4 cents, perhaps with a little profit-taking ahead of today's’ election. Nationally, soybeans acres were estimated to be 87% harvested vs. 83% on average. North Dakota is said to be 100% done, Minnesota at 99%, Iowa at 97%, and Illinois at 93%, while Indiana is only 87% complete. Soybean exports of 76.5 million bushels last week, while below the previous week’s revised 103.6 million bushels, were still relatively strong. During the same week last year, exports were 54.5 million bushels. For the year, the U.S. has now exported more than 600 million bushels vs. about 350 at this time last year. Part of that is the early harvest, but another part is great demand so far.
Don’t fall asleep on these markets. We continue to trade near the highs, and within about 10 or 12 cents of THE most recent high for both corn and soybeans. If you are trying to obtain a specific level, please either leave an offer with one contact your local GMA. GMA’s are more than happy to discuss a Bonus Premium, and how it can add extra money to our cash prices for a portion of your unsold bushels. We continue to encourage getting sales in place for after the first of the year, whether to core a bin or take advantage of these high futures levels. GMA’s are currently advising people with binned grain, to lock in the futures portion against March futures for either corn or soybeans. If you would like some info about that, just reach out to your local Landus facility to contact your local GMA.
Also, we are now accepting soybeans on FREE Price Later at most of our locations. If you are interested in getting some binned soybeans moved before the snow flies, just contact your local Landus contact.