Corn closed 5 cents higher on firm outside markets ie: crude up $1.10 and dow up 124 pts. China corn production estimates are also coming out at 149.8 million metric tons which would be down 11 mmt from the last USDA number or over 400 million bu less and the lowest production in 3 years! Cold and wet weather forecasts also limited selling as the latest crop on record tries to finish things up. Cash corn movement remains light with only scattered old crop "clean the bins out" selling occuring. Corn basis levels are firm for nearby with many producers looking to start or switch to beans for the next 2 weeks and give corn more time to dry.
Soybeans were down 6 cents today with good harvest progress reported in IA, NE, and MN. Yields continue to impress with very few reported in the 40's. Soybean basis is also firm nearby as the pipeline still can't get enough to meet the robust demand we currently have.
Read an article today that a 250 ton gate fell off on the Markland Lock on the lower OH River and is slowing down traffic as an auxiliary lock is being used but it is 3 x slower. Estimates are for the repairs to the main gate taking months to complete. With all of the updates needed all along the Ohio and Mississippi River locks and damns, it is amazing more damages like this don't show up.
Harvest Progress:
Corn
IL 2% vs 28% avg
US 6% vs 18% avg
Soybeans
IL 1% vs 21% avg
US 5% vs 18% avg
Scott Meyer
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