Markets Another Typical Week
It was another week of more of the same with corn setting another contract low and contract low close in the December new crop. Corn has dropped more than a dollar a bushel since the rally from last spring with the wet spring and all the acres of prevented plant. In addition corn lost around 50 cents a bushel since the USDA August Report when we got hit with the more acres, higher yield and a cut in demand.
Soybeans have actually held much better that corn which is surprising to me given the Trade War with China that has no end in sight! Plus the demand for soybeans is sharply lower in China because of African Swine Fever. It just seems like everything is going for the bears! It would seem that the only hope for higher prices for corn and beans is getting well into harvest and seeing that the yields are much lower then what the USDA has projected. The question then is will those yields get any attention from the biased media?