Good afternoon bloggers! The past two days have helped the commodities get back on track. After Monday's debacle, corn and beans are close to what they were last week. Nearby corn was up another +4 cents @ $3.59. Soybeans were up +11cents at $9.95. July soybeans broke the $10 mark and finished the day at $10.06.
The corn market has been strong and stable the past few days. New Orleans' bids are strong at +47 cents. With producers planting corn in the fields and not moving much to the elevators, basis and futures has seen a rise. China appears to be buying some as well as North Africa countries. It's interesting how corn futures have been behaving as of late with planting going full bore. Japan also seems to be diversifying by moving 25% of their business from USA to S. America. Taiwan is moving 90% towards S. America. A lot of soybeans are getting exported to China. The bean (and corn) basis has been firming up this week as well. Soybeans are the highest they have been in 3 months. Both July and August beans are above $10 and hopefully will continue to creep up.
Weather is looking favorable across the entire Corn Belt. It looks as if it's going to remain dry for the next few days until a system moves in. Producers are getting have been getting a lot done with some finished or close to finishing. All of the midwest states are making great progress. Scattered thunderstorms over Argentina and Brazil are slowing down harvest. South Africa is having similar issues.
Stay classy Illinois,
Nathaniel Dubravec
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