September and December corn contracts hit new lows today as weather forecasters put more moisture and more normal temperatures into the 2 week forecast. Weekly crop conditions released yesterday afternoon with corn maintaining it's 71% G/E score vs last year at 65%. Soybeans improved 1% to 67% G/E vs 61% last year. Those ratings seem to be trumping the below progress ratings
Corn silking 31% vs 54% avg
Soybean Blooming 44% vs 62% avg
Old crop corn and soybean basis has been on the defensive this week as cash grain has been flowing into the market and the loading capacity at the Gulf of New Orleans will be pushed for the next 3 weeks. It appears until the government changes the acres planted and harvested, which isn't going to happen soon, the market will continue to watch for early frost predictions with this late crop to support values.
Scott Meyer
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