Commodity markets seem to be finding some support finally this week. With outside markets neutral to negative corn finished up 6 cents and beans 16. Crop conditions last night continue to tell the story of a descent to good national crop and a below average nearby crop. With half of the corn belt pollinating in the next 2 weeks, the 8-14 day temperatures look to be below normal and that with very few drought areas should get most of that corn pollinated nicely. Illinois is 5% below last year's corn crop condition but Iowa is 21% better. Illinois was 11% silked vs Iowa at 6% with averages being 48% and 11% respectively for this time of year.
Corn basis continues to amaze with the river market bidding +.17 in Morris and Corn Products at +.26 for July. With the lack of farmer movement due to subdued futures, the basis has gone beyond the normal values to try and procure grain.
Soybean basis has also been volatile as have the futures market. Soybean ratings for the nation are 7% better than last year with Illinois 1% worse and Iowa 19% better. Frost discussion should support new crop values and export inspections on already sold soybeans should be the deciding factor to where old crop carryout finishes out.
Scott Meyer
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