Minnesota Commodity Broker Says Market Needs Yield Reports
Gordy Kralovetz with Chiodo Commodities said in the Ag Market Recap we need to hear yield reports especially from Illinois to find out we do not have an all time record yield. However, the market may be starting to anticipate that corn and soybean yields may not be quite as good as anticipated? The week actually was not anywhere near as bad as it felt.
Beans closed Friday almost unchanged on the week and corn gained about 10 cents a bushel. So, all and all it was not too bad! About the middle of the week there were reports of black tar spot that was having a significant impact on some corn fields in Illinois. We do not know yet how widespread the tar spot is but apparently the corn plants just shut down three weeks from maturity like it was killed by an early frost.
It was last year, maybe the year before black tar spot was confirmed in southeastern Minnesota. It has also spread to southern Minnesota. it did not have a big impact on yields in Minnesota. I read that D corn hybrids that were planted in Illinois were very vulnerable to black tar spot. I have never heard of D corn hybrids so maybe they are not planted in the northern corn belt? Click on the link and listen to Gordy discuss last weeks market action.