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48 THE RURAL VOICE
Grain Markets
Guess what?
The market gets
interesting
By Dave Gordon
Last month I started off by saying
how slow and dull grain markets had
been. I also said that weather would
need to turn 180 degrees to move
markets higher. Guess what? Weather
hasn't turned completely, but there is
certainly heat and dryness in areas of
the western Corn Belt. In fact,
Michigan and Ontario need rain as of
this writing.
CORN
The U.S. corn crop continues to
deteriorate a little bit each week.
Coupled with lower acreage and
better than expected domestic usage,
it has caused prices to go higher. We
have settled back after pushing
December futures to 2.47/bu on July
12. Right now, futures are trading a
full $.20 off the highs, but also $.25
above the lows of late June. There is
talk that the corn crop in Iowa and
Minnesota has been damaged already
and it could be 10 days to two weeks
before any real hot temperatures
appear.
In Ontario, the pop in future prices
brought some old crop corn to the
market but new crop sales were still
relatively slow. Old crop basis is still
well priced at $.80 over September
futures, but •the new crop basis could
move a little higher if the Canadian
dollar holds around $.6500 and corn
futures rise. Crop development from
this date forward will also be a factor
because right now, a good crop is not
fully discounted.
SOYBEANS
The soybean market is the one that
has really responded to weather and