Crop conditions have clearly been deteriorating over the past 3 weeks nationwide in Corn. G/E ratings were down 2% on Monday night and thoughts of smaller crops have pushed corn prices near highs for the year on the Chicago Board of Trade. Illinois was down 1% and now sits at 63% vs 62% at this time last year. Iowa is down to 68% vs 77% last year, Nebraska 83 vs 77 ly, MN 90 vs 74 last year. Corn finished up 7 cents today with Dec 2010 futures at $4.30. Funds are estimated long 350,000 contracts of corn. The Pro Farmer crop tour is going on this week with results published at the end of the week. So far, estimates and conditions are closely reflecting the USDA crop ratings of Monday night.
Soybean ratings have leveled off this week, with the USDA projecting 66% national G/E rating vs last weeks 66% and in line with last year at 66%. Illinois is at 64 vs 60 ly, Iowa 69 vs 77 ly, MN 88 vs 67 ly, and Indiana 59 vs 60 ly. Soybean exports continue to impress, as does the new crop basis levels for Sep - Jan 2011. Bottom line, there is huge demand for our soybeans throughout the world during these 5 months!
Wheat has largely calmed down after losing nearly $2 off it's blow-off top earlier this month. The Russian wheat crop implications will take months to sort out but many believe our wheat crop along with higher futures prices will stem the shortfall very quickly, there are a lot of acres throughout the world that can grow wheat if the price is right, acres that aren't necessarily being used for much of anything right now.
Enjoy the cooler weather.
Scott Meyer
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We don't enjoy it. A lot of things suffer when its cold!
ReplyDeleteYou are nice guy. I will give you a corn but before that, I shine it up real nice, turn it sideways and stick it straight to you while you are in the spa toilet seat
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