MN Broker Says it was a Do Nothing Week In Corn and Beans
Commodity Broker Gordy Kralovetz with Chiodo Commodities said it was a do nothing week in corn and beans, and it could have been a lot worse! Actually the charts and weekly close looks pretty good for corn and especially oats. The USDA announced a dairy sale of corn and two lots of soybeans that was supportive. However, there were around 1300 deliveries against the November contract which was a surprise. That is a lot more deliveries than in any expiring bean contract all year!
That delivery surprise did take beans lower on the open but by the close for the week beans were up a couple cents. It was surprising that during harvest of a big crop the bean market was able to "shrug" off that bad news. Also supportive could be the bad weather in Illinois. There is a lot of down corn from big winds and they have gotten a lot of rain. I also read a story from an agronomist down there about how to dry 18 percent moisture beans.
Apparently the weather has not been conducive to drying beans in the field and they are very wet. There is no way to know how much of the Illinois corn and bean crop will be lost but it doesn't seem like it will help the yield? Click on the link and listen to Gordy talk about the grain and livestock markets last week!
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