I hate to harp on outside influences but they seem to be all that is talked about lately. Gold again made a charge higher to settle just below $1200 ounce. The US Dollar was again much weaker today which led to the higher gold. Soybeans were again the leader in the Ag complex up as much as 17-18 cents before failing at the end to close 1 cent lower. Corn managed slight gains throughout the day before following soybeans and ended down 3 cents. The weak closes in the corn and soybean markets were very disappointing considering the higher outside markets. Argentina's main crop estimating firm put the Argentine soy crop at 52 mmt vs USDA at 53 mmt, but it is still much larger than the 32 mmt of production last year.
Crop Progress reported Monday night for nation:
Corn harvested 79% tw, 68% lw, 94% ly and 97% avg
Bean Harvest 96% tw, 94% lw, 98% ly and 98% avg
Illinois corn at 72% tw, 60% lw, and 99% avg
Illinois beans at 96% tw, 95% lw, and 100% avg
On a side note the first 2 days of November saw huge inflows of fund money and corn shot up 40 cents/bushel, it was a rough start to the December month today with money flowing in early and sending new crop corn to levels not seen since June before failing.
Scott Meyer
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