A 3 day Labor Day weekend gave the grain markets no different direction as the weather forecast for the next 10 days remains above average and no threat of frost. Extended forecasts are calling for below normal temps starting Sept 18th with several areas in Minnesota and Wisconsin down in the mid 30's but again no threat of damaging frost to the corn belt. The corn and soybean market bounced off overnight lows to finish 1 and 14 cents higher respectively. The biggest support for both corn and soybeans came from the slumping US Dollar and $3.33 higher crude. Old crop corn and bean basis levels continue to fade by the week into the lower new crop levels but there could still be one more old crop push before harvest really makes its way up here.
Crop Progress out this afternoon:
Corn Mature 8% TW, vs 5% LW vs 10% LY and 23% avg
Corn Dented 50% TW, vs 32% LW vs 59% LY and 75% avg
Soybeans dropping leaves 7% TW vs 3% LW vs 9% LY and 18% avg
Scott Meyer
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