Both corn and soybeans saw a strong rally on Monday as cold weather over the weekend followed by forecast of cold temperatures over the next week send fear through the market of damage to the late maturity crop. Current estimates have pegged loss at around 200 million bushels after a hard freeze through most of the northern growing region this past weekend. The dollar also experienced weakness today as investors sought the higher yielding returns of other currencies.
Snow fell in some areas, with accumulations of 2 to 4 inches (5-10 cm) and "locally heavier" amounts in northern and western Iowa, southern Minnesota, eastern South Dakota and eastern Nebraska. Farther west, roughly 12 inches (30 cm) fell at North Platte, Nebraska. All but about 4 inches had melted by Monday morning.
Please Note: USDA will release their crop progress report tomorrow afternoon due to Columbus Day.
Chris Spurlock
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