Monday September 14, 2009

It was a rather quiet session to start the week as the grain markets were pulled in two directions. The market still continues to focus on the possibility of a season ending frost/freeze next weekend. The various weather models have been consistent lately in projecting colder than normal temps in the 10-12 day time frame with the debate really coming down to whether or not the temperature will drop low enough to do damage to the crop. Right now it looks as though freezing temps would remain to the far northern Midwest (N. Dakota, northern Minnesota, and northern Wisconsin) with only patchy frost seen further south into northern Illinois and Iowa.

Corn conditions this afternoon were unchanged at 69% good/excellent although the USDA did report a 1% move from good into excellent. The crop continues to lag as corn dented was at 66% vs. 76% last year and 86% on the five year average. Corn mature was 12% vs. 17% last year and 37% on average. Harvest continues to move north with good yields seen this weekend as far north as KY and southern IL.