Commodity prices exploded higher today as renewed frost concerns arose. Corn finished up 17 cents after being up 29 at one time while soybeans finished up 25 after a high of 36 cents. Outside markets were also supportive with crude oil up $1 most of the day, the dow up 130 pts and the dollar lower. Weather maps point to an almost imminent frost for a majority of the northern corn belt this weekend and into early next week with forecasts of 28 degrees as far south as St. Louis.
The 6-10 day forecast also shows much below normal temps to further slow down the already late crop. Large moisture amounts are seen Thur - Fri over a large part of the belt to delay any harvest of crops that are ready to go. December 09 corn hit prices not seen since Aug 5th.
Corn bushels in jeopardy or not mature by this weekend include N. Dakota, S. Dakota, and Minnesota with 690 million bu combined, Iowa with 125 mbu, Nebraska 75 mbu, Wisconsin 183 mbu, and Illinois has the most at risk with estimates of 800 mbu.
Soybeans traded 25 cents higher in most part due to corn being up near limit. The soybean crop is not perceived to be in as much danger or loss from a frost this weekend, but weather outlook for the next 3-5 days will certainly impede harvest progress. Check the weather forecasts tonight to see what they have for low temps.
Scott Meyer
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