Tuesday October 27th, 2009

Crop Progress released Monday afternoon

Corn Harvested
US 20% vs 17% lw and 58% avg
Ill 14% vs 11% lw and 77% avg

Soybean Harvest
US 44% vs 30% lw and 80% avg
ILL 33% vs 13% lw and 86% avg

The corn, soybean, and wheat market were all down significantly today with corn losing 7 cents, soybeans 13, and wheat 23. Markets continue to be influenced by a good harvest weather outlook next week. Most of the Midwest is expected to get rain this Thur and Fri but then quickly dry out for the most productive harvest week of the season. Outside markets were slightly higher today with crude up $.80 and the dow up 14 pts to 9882. Harvest progress continues to run a record slow pace. Corn moisture levels are also at record high levels throughout Nebraska, Iowa, MN, and Illinois. Nationally, below average crop condition reports continue to follow above average yield reports on corn.

In the delta, it is estimated nearly 100 million bushels of soybeans are damaged in the field and they will all have to hit the market place when harvested as they will not store. China was also noted today looking to defer Jan-Mar cargoes of beans to other destinations which also led to the weakness in Soybeans. As the day light turns shorter and the harvest progress picks up, please remember to be safe.

Scott