Tidbits, Harvest, Crude Oil, Venezuela, FOB 9/8/25
- Wright team
- 1 day ago
- 4 min read
Tidbits
Harvest: There were many more areas in the Corn Belt than we expected that started harvest this weekend. The early yield results were reported to be less than expected, even areas where the weather was considered quite good, such as Northwest Iowa. Maybe the better-than-expected yields, if any, did not get reported. Of course, the worst yields for the 2025 crop will be the early harvest acres given the August weather.
The Corn Belt weather for the next two weeks is predicted to be warmer than normal. Rainfall in the Corn Belt east of Central Iowa is predicted to be less than normal. That weather will hasten the harvest which may pressure futures prices and most certainly should pressure basis. A key to knowing what the yields are will be the spot (cash market) basis. Merchandisers will be asking every farmer if his corn and beans yielded more or less than expected. If there is a yield trend, the spot basis will reflect that trend. Check your basis every day to get heads-up on what yields are doing in your area.
Crude oil: OPEC+ (OPEC and Russia) announced yesterday it will increase crude production in October by 137,000 barrels a day with plans to add a total of 1.65 million barrels per day in the coming months while reserving the flexibility to pause or reverse production increases if market conditions shift. Crude oil opened slightly higher last evening.
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