Corn down 1, Beans down 19, Wheat up 2
Crude Oil- 90.88 down .77
US Dollar- 84.71 down .02
Dow- 17,185 down 95
Norborne is paying $3.00 for corn delivered by Tuesday night. This price can change at any time. Call Richmond to contract.
Crop Insurance Update Fall wheat price $5.93. Remember September 30th last day to add, change, or cancel wheat coverage.
Beans took it hard today, closing the session lower by 19 pennies. The weather is fixing to be very conducive to finish beans this week as well as next week, as far as I know there isn’t much of a chance of rain for the next 10 days or more. The Chinese are in melt down mode today, there was apparently an issue with their futures that’s all I know, that’s all they said “there was a meltdown with the Chinese futures today” I can’t say I’m surprised they wouldn’t give more details. There is grain stocks report out on the 30th some people are beginning to get geared up for that.
Corn closed the session lower by a penny today which is better than the alternative, at one point we were lower by 4 cents or more. We were down earlier in the session off of harvest progress but the board came back a bit off of some covering of shorts. I still don’t see any reason for the market to turn around and make a run at a rally, wanna know why? Yields, huge production, and perfect harvest weather those three have a huge impact on what the market will do. We will see crop progress numbers out tonight however the only thing expected to change is harvest progress I read this morning is supposed to be close to 10% completed leaving a lot left to go.
December wheat closed the session higher everything else closed lower. Spring wheat is on its way to the finished stage those guys are really getting with is before corn harvest moves to the far north states they don’t want to be juggling both at the same time. I can’t say I blame them. Winter wheat will be making its way to the fields soon so we’ll be looking forward to that, fingers crossed that the weather will play along and that process will go smoothly.