Crop progress out this afternoon with the government offices closed yesterday. Corn Mature at 74% vs 57% lw and 92% avg. Corn harvest at 13% this week vs 10% lw and 35% on average. Soybean harvest at 23% vs 15% lw and 57% on avg.
A day of consolidation in the corn pit today as futures ranged from up 5 cents to down 7 cents and closed up 1/2 cent. The corn market continues to debate the affects of the hard freeze over the weekend and how much grain was lost due to yields and quality problems. What harvest reports are coming out continue to be good yield wise but most of them come with extremely high moisture levels and scattered damage reports. Crude oil managed to close $1.16 higher as outside fund money continues to flow into commodities. The funds are estimated long 115,000 contracts of corn as investors look for a hedge against the US dollar.
Soybeans ended the day down 6 cents after having a large trading range of 25 cents. Soybean harvest has been hampered by cloudy cool conditions as moisture levels continue to run above 15%. Nearby soybean basis continues to be firm with the lack of harvest and the huge demand for the 1st quarter of the marketing year.
Scott Meyer
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