Market Report: Corn and Beans Higher Friday
Corn had a good day Friday, closing up about 7 cents a bushel and posted a bullish reversal. The December contract gained a little over 21 cents during the month of September. At 11AM the USDA released the Quarterly Grains stock report and corn came in at 1.737 billion bushels. That was about 21 million bushels higher than the September crop report. Harvest is in full swing and the basis in the Midwest has been widening. However, traders are continuing to hear that corn yields are not quite what the USDA has projected.
Beans managed to close 2-4 cents higher Friday. For the month of September the November bean contract gained 11 cents. The USDA Quarterly stocks report was pretty much in line with trade guesses at 197 million bushels. It was a year ago that the bears were fretting about the bean carryover this year would be over 400 million bushels. I guess they missed it by more than 203 million bushels. Bean futures typically put in a harvest low in early October when harvest surpasses 50 percent.