The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
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.
$ 7.53 corn and $15.50 beans