Corn: December corn futures ended the week $0.04 higher than where it began on Monday morning. Harvest is continuing at a very strong pace due to dry harvest conditions. Farmers across the Midwest continue to report large yields. The expectations of a very large corn crop is bearish for corn futures. However, corn futures increased this week by riding the coattails of the soybean market. In West Tennessee, the local basis on cash bids for corn increased by $0.04 this week. Export demand continues to remain strong and contributed to the increase in basis that we have seen this week in West Tennessee.   Continue reading →

Corn: December corn futures ended the week one penny lower than where it began on Monday morning. This week has been light as far as trading news goes for the grains. Last week, the USDA released their latest estimate on the global supply of all commodities along with the projected demand for all commodities. Harvest is advancing across most of the Midwest. As we begin to get a better feel on the overall size of the corn crop, we can expect to see the market reflect the yield data into future prices. Basis for corn is starting to weaken as the new supplies from harvest are hitting the supply chain. Futures have been increasing since August. Continue reading →

Corn: Corn futures have traded $0.02 lower since the market’s open on Monday morning. Informa has just released their private estimate of what the national corn crop yield will be. Their estimated national yield for corn is 174.8 bushels per acres. That is in line with the USDA August 12^th estimate of a national yield of 175.1 bushels per acre. The USDA continues to rate the corn crop in a very favorable light with 75% being rated as good-to-excellent. They also reported that 92% of the crop at the dough stage with 60% having already reached dent. Informa’s estimate is likely the closest to USDA’s estimate that has been released by a private company. The market did not appear to react surprised by the figures, which could mean that the trade is beginning to anticipate a very large crop. Locally, corn basis has begun to improve slightly at some local elevators. Continue reading →