The USDA report that came out this morning appeared to have a bullish bias to it. Corn and beans were up at least 20¢ and wheat was not too far behind.
As of today, the average corn price for the month of October for the harvest crop pricing is $7.50, based on my unscientific averaging of the highs and lows for corn prices each day this month. Bean prices are slightly lower than $15.50. These prices are about $2 and $3 per bushel higher than the initial spring price.
I believe that corn prices should hold close to the average and bean prices may trend down a little bit, but the current average prices should not be too far off.
For those who are interested, please e-mail me your guess on the final average corn and bean price for the full month of October.
I will guess that corn will end up at $7.55 and beans will end up at $15.30. Let's find out who can be the closest. Please let me know in your e-mail if you want me to share your name if you end up winning. I hope to get more than one entry.
USDA October Crop Reports – Fundamentals & Structural Reinforcement
Jim's Afternoon Markets Report--October 11