Comment on Marketing and Hedging
The Pro Farmer market friendly numbers were released Friday, August 25 after the CBOT closed. The next day, we stated the following:
Soybeans and especially corn are expected to open higher Sunday given Pro Farmer yields and the weather. This will most likely be the most bullish news the corn market will get until the September 12th USDA Crop Production and S&D, which might be bullish, but might be bearish. That report is a Tuesday, so we will get three more Crop Condition Reports before then, which might be bullish.
As of this morning, Roger is thinking if you have September corn basis contracts you have to price next week, Sunday night to Monday morning is probably the high for next week and probably for the next two weeks. Realistically, the corn market has very little reason to receive any more bullish news until the USDA report on the 12th and the market will most likely be weak going into that report.
The highest closing price since the Pro Farmer yields on September and December corn was, indeed, Monday, August 28. The next day, both contracts traded 2 and 3¢ higher, but settled 9¢ lower. September corn made a new low for the year that week, but December did not.
Last month, we sent you the dates the lows were made after planting for December corn and November beans for the past 23 years.