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By Jon Scheve, Superior Feed Ingredients, LLCThe corn market wasn’t very exciting this week as the range in closing prices was only 12 cents. This was the smallest one-week trading range since late July.Harvest is progressing rapidly with wildly variable yield reports due to disease pressure in parts of the country. The northwest Belt’s yields are coming in as predicted with the southern half of the belt having really good yield reports.
By Jon Scheve, Superior Feed Ingredients, LLCThe market is trying to determine what the upcoming harvest yields will be. Early reports where harvest has started south of I-80 are positive. Generally, areas that received ample precipitation are experiencing better than average yields. However, there were also many pockets of dry weather too, so overall yields are unclear right now. In Illinois specifically, expected yields are varying more than previously estimated.
In this episode of the Ohio Ag Net Podcast brought to you by AgriGold, Jon Scheve is breaking down the USDA WASDE report. Dale has a report with Mike Steenhook
By Jon Scheve, Superior Feed Ingredients, LLC Corn futures continue to trend sideways, as the market waits for the Aug. 12 USDA yield estimate. This week saw the first fields of the 2021 corn harvest begin in several southern states. As a result of harvest beginning in the South basis values will come under pressure. Old crop corn basis levels have been dropping over the last few weeks, but many basis bids throughout the U.S. still hover around +60 to +70. During the middle of harvest most of these same locations will likely be bidding -40 to -30. This means there will likely be a $1 per bu...
New crop futures prices Dry weather concerns in the Dakotas and possible ridging in the western corn belt later this month pushed some risk premium into the markets the past few days. December corn closed at $5.91, up 91 cents in 6 trading days. That leaves the market 50 cents below the highs from a month ago. November beans also rebounded $1.10 in those same 6 days and is only 30 cents from its high a month ago. Old crop basis prices Corn and bean basis has dropped significantly among end users throughout the entire Midwest. Corn began to decrease when southern plains end users sta...