Corn up 1.5, soybeans dn 4.0 today as the markets seem to find some support at least in the corn market. The weather continues to dominate trade talk which has been bearish. Are there areas where soybeans can not be finished planting and corn is suffering from too much wet weather, yes. Are there way more areas that are benefiting from above normal temps, early planting, and adequate moisture, again answer is yes. The national corn crop is rated 76% G/E with Minnesota at a record 92%, Nebraska 85% but eastern corn belt states lagging from too much moisture. The 76% national G/E is the 3rd best in the last 23 years.
Soybeans couldn't hold their ground today as the crop ratings of 75% G/E is best rated crop for this time in the last 24 years! New crop November 2010 futures dropped below $9.00 for first time since October of last year. USDA monthly crop report out Thursday morning and extended weather forecast should point direction of futures nearby.
3 tenths of rain in the gauge here at the Sycamore office so far today with more in the works for tonight.
Scott Meyer
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