Another Tuesday and another frost alert. Today's forecast for freezing temperatures Sept 28-29 were not as dramatic as that of a week ago but never the less shows damaging frost as far south as Northern Iowa and Northern Illinois. Corn rallied 10 cents on short covering along with the outside markets flip floping yesterday's trade with crude up nearly $2, stock market up 51 pts to 9829, and the dollar losing to every other currency.
Funds were noted buyers of 10,000 contracts of corn vs the nearly 40,000 last week they bought on the frost concerns. Soybeans maturing fast should limit yield lost in late September but yield and quality concerns could arise in corn.
Early yield reports have been impressive with corn and bean yields in Tennesse, Kentucky, Missouri, and Ohio showing the best gains over last year and 5 year averages.
Scott Meyer
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