Corn Commodity Markets, Prices & Futures
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Latest News From Corn Markets
Mike Minor with Professional Ag Marketing says he’s been impressed with how well the corn market has digested Tuesday’s bearish yield and production news.
With at least four weeks left in the growing season, Ferrie encourages farmers to stay ahead of heavy disease pressure in fields, particularly in what he calls D hybrids — those that punch their yield card late-season.
Darin Newsom, senior market analyst with Barchart, Inc. says fund or managed money traders have stepped back in as the market is coming back to the reality that the grain fundamentals are bearish.
One concern cited is that USDA tends to aim too high with its August yield estimates, based on what the data shows from the past decade. The other concern is how strong demand will be, given corn carryover projections.
Chuck Shelby, Risk Management Commodities, says soybeans were higher still digesting the positive news from the WASDE report and pulled corn higher. While he thinks this is bottoming action in the soybeans but what about corn?
Kent Beadle with Paradigm Futures says corn is following the soybean market early Wednesday after USDA shocked the market with a record 188.8 bu. yield and 2 million more harvested acres. So did the report bottom the markets?
Corn yield estimates in seven counties surrounding the community of Bloomington indicate farmers there will harvest an average crop, at best. That’s counter to what USDA predicts for Illinois yield results statewide.
If USDA predictions hold true, a massive U.S. corn crop is on the way.
Brian Splitt with AgMarket.Net says new crop corn fell to contract lows after the August WASDE in reaction to USDA’s eye-popping 188.8 bushel per acre corn yield. However, soybeans rallied with ending stocks falling under 300 million bushels.
Jeff Hoogendoorn with Professional Ag Marketing says the grain markets were lower on China disappointment. Lean hogs continue to be supported by lower slaughter figures which could be a tailwind into 4Q.