The corn market seemd to suffer from a lack of interest today. There was pressure from a firm dollar index which actually closer higher for the week for the first time in three weeks. The weak export sales report from yesterday didn't help matters despite the announcement today of a 480,000 ton sale of corn to Mexico for 2009/10 and 275,000 tons for next year. The expected clear weather for the next several days should allow for a good harvest window heading into the Thanksgiving window. We all seem to be waiting for the shoe to drop on the fundamental side with U.S. corn currently overpriced compared to competitors and livestock profitability continuing weak.
The bean market doesn't seem to care about the problems of the corn market, export sales are up 59% for the year, soybean meal sales are up 68% with Chinese demand continuing brisk so far this year. For the day commodity funds were good buyers of beans at 4,000 contracts helping to push beans up $.60 for the week with the January contract now at the highest level since August. Good prices? We certainly have seen a lot of interest near the $10.00 from local producers.
Phil Farrell
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