I am hoping that many producers are unable to read this blog tonight and hoping they can get in late from a productive day of harvesting and go to sleep. The corn and soybean markets were supported in higher trade today by gold which was up $30 ounce and now sits at $1,084 a troy ounce. Crude oil also finished up $1.37 as it was another day of commodity fund buying, enjoy it while it lasts because it won't forever. Weather has allowed for harvest to truly commence in our area with lots of corn and scattered loads of beans coming in today. With the harvest glut coming on, corn and soybean basis has faded at every single delivery location with the river leading the way and processors and containers following suit. The December 2010 corn contract hit 4.43 today, giving producers a chance to get some of next year's production hedged with some of the lower input costs they are seeing.
Warren Buffet today, place his biggest bet on a better economy coming, by shelling out 34 billion dollars and buying the Burlington Northern Sante Fe railroad. This is the biggest purchase ever by his company Berkshire Hathaway!
Please continue to be safe out there as the weather allows harvest to ramp up.
Scott Meyer
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