Corn and Beans Boring Last Week
New Crop December corn lost about 5 cents last week. The could be considered a victory as harvest is moving along quickly in the eastern corn bent. You could say the corn market is in a consolidation phase. However, traders continue to hear that yields are coming in "as expected or better than expected." As a result many are expecting the USDA to raise the yield in Thursday's report. My reaction is what yield was expected? This does not tell me anything. What would mean something would be what are the yields compared to last year?
The bean market was boring last week too as beans also appear to be in consolidation mode. Beans did have a bit of a moral victory too as new crop November gained about 4 cents a bushel on the week. Like corn bean traders are hearing yield reports of as or better than expected. There are also reports of beans getting very dry, down to 10 percent in the eastern bean belt. That will increase harvest losses and decrease yields. It is early yet but northern Brazil is quite dry as they move into their planting window.