Corn: 1 to 2 higher
Beans: 2 to 3 higher
Corn closed lower yesterday with December corn hitting new contract lows. Factors pulling at the corn market include lack of demand for US corn, a weakness in the wheat market, and a continued focus on weather which currently shows no signs of frost in the near future. Yesterday’s USDA weekly crop progress and conditions rating report showed corn conditions with a 1% improvement nationally and down slightly in Iowa at 62% vs 65% last week.
The bean market is trading higher this morning after the USDA crop report showed conditions relatively unchanged nationally at 55% rated good/excellent, and lower in a few key states. Bulls are looking at the lateness of the crop even with a normal freeze date, while bears continue to look at a wavering deal on the trade war with China. The market will continue to focus on the frost date for the next 5 to 6 weeks as well as the September 12th WASDE report.
If you’re still looking to move old crop corn we are now offering a split bid for nearby delivery, with a higher bid for corn contracted AND delivered by September 13th. This is a limited time bid – for questions please call 877-778-2226.