In this file:
· $4 or $8 Corn? $10 or $20 Beans? It All Depends On Weather And Export Demand
· Corn Crop Condition Ratings Fall 4 Points, North Dakota in Worst Shape
$4 or $8 Corn? $10 or $20 Beans? It All Depends On Weather And Export Demand
By Jon Scheve, AgWeb
June 7, 2021
Dry weather concerns in the Dakotas and possible ridging in the western corn belt has pushed some risk premium into the markets. December corn closed at $5.91, up 91 cents in 6 trading days. That leaves the market 50 cents below the highs from a month ago. November beans also rebounded $1.10 in the last 6 days and is only 30 cents from its high a month ago.
Old Crop Basis Prices
Corn and bean basis has dropped significantly among end users throughout the entire Midwest.
Corn began decreasing when southern plains end users started cancelling some corn purchases to replace with wheat in feed rations. This pushed corn sales back up the marketing chain and into ethanol plants looking for coverage through June and July...
Inverse from Old Crop to New Crop ...
Old Crop Demand ...
Have We Seen the High’s Yet? ...
Corn Crop Condition Ratings Fall 4 Points, North Dakota in Worst Shape
By Tyne Morgan, AgWeb
June 7, 2021
As corn planting is complete in many areas, the focus is shifting to crop conditions. And USDA's latest weekly report shows the corn crop in the U.S. could be deteriorating.
Nationwide, USDA shows 72% of the corn crop is rated good to excellent, which is a 4 percentage point drop from last week. This week's rating is also 3 points behind last year.
This past weekend, the north Corn Belt saw blast of heat, with areas of North Dakota recording record high temperatures. National Weather Service data showed a reading of 106 degrees at the Bismarck airport, the second-earliest day ever that the area had reached triple digits. The earliest was May 27, 1934.
The heat combined with drought isn't helping the state's crop. USDA says...
more, including video report [0:30 min.]