Friday afternoon, corn finished 3 3/4 lower, with December futures ending the week at 3.91, down 6 3/4 for the week. November soybean futures gained 2 1/2 today, finishing at $9.34, but that is down 2 for the week.
It feels like, as far as the corn and soybean markets are concerned, we really didn’t have an overarching BIG story this week, more like a lot of little stories:
- Wintry weather mix in North Dakota and Minnesota last weekend
- USDA announced it will resurvey North Dakota and Minnesota due to the snowfall
- More Wheat crop woes – parts of Argentina are expecting up to 40% losses
- A slight Ethanol production increase, but still lagging production vs. this week last year
- Continued optimism about Chinese business, although it now looks like over a 2 year period, not 12 months
- Impeachment inquiry continues – what will the final outcome be?
- A potential end to Brexit issue – a vote is scheduled in Parliament tomorrow
The main story for Central Iowa is the soybean harvest progress. With several consecutive days of good weather, a lot of soybeans fields were harvested this week. overall in the U.S., as of last Sunday, was 26% harvested vs. 37% last year and 49% on average. In Iowa, it was 17% vs. 19% last year and 43% on average. We’ll see where that stands after this BIG week in Iowa.
For corn harvest progress, USDA estimated the U.S. at 22% complete vs. 36% on average. Iowa was 7% complete vs. 49% last year and 20% on average. They also said 73% of the corn crop is mature, vs. 92% on average.
Looking back to the most recent lows in corn and soybean futures, on September 9th, shows that November beans have gained more than 75 cents and December corn futures are up more than 35 cents. Also, please note, December 2020 corn futures ended the week at $4.10, almost 20 cents above this year. Might be a good place to start locking in some corn prices for next year’s crop.
Hopefully, we’ll miss this next rain event, and combines can keep rolling.