Corn finished the day higher on worries that a killing freeze could potentially damage the immature crop. The market has also been supported by a delayed harvest as the pipeline finds difficulty in sourcing corn. USDA said tonight that 10% of the crop has been harvested nation wide, traders had been looking for between 9% to 12%. The USDA also pegged maturity at 57% vs. 70% a year ago and 84% on the 5 year average.
Traders also said the market was getting support from talk that Brazil will need to import U.S. ethanol to alleviate a tight supply situation. The talk is that a U.S. company is going to ship two cargo's to Brazil.
Soybeans ended steady to modestly lower Monday, managing to find price support after initially sliding to 6-month lows. The "wildcard" of the market remains weather, and with the threat of a growing-season-ending Midwest freeze and the potential for additional harvest delays this week, cautious traders took the opportunity to cover some shorts after recent declines.
Chris Spurlock
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