Turn-around-Tuesday failed to materialize today. The corn Market finished down 3.5 cents as an improved drier and cooler extended weather forecast looks ideal for the end of June and beginning of July for a crop that currently has lots of moisture and above normal GDU's. I have been hearing many producers that are targeting harvest to occur a full month ahead of last year,with some hinting at corn coming out in September. Monday afternoon's crop condition report showed corn G/E down 2 pts as Illinois lost 3, Iowa 1, Nebraska 3 due to extremely wet conditions. It looks like Nebraska, Iowa, Illinois, and Indiana will all break records for June precipitation at month's end. The first boat bought in 4 years has been approved by China government agencies and the unloading process started today!
Soybeans, old crop held it's own today and finished up 2 cents with new crop down 3. Soybean ratings took a big hit last week as nationwide we lost 4 points of G/E fields with Illinois dn 6, Iowa dn 6, North Dakota dn 5, and Minnesota dn 4 due to very wet weather. It should also be noted that 7% of soybeans still need to be planted.
Corn basis continues to move in opposite of futures with declines in the last 2 days on the CBOT leading to tighter corn basis. Soybean basis is all over the board with processors paying big premiums over the river markets.
Scott Meyer
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