Corn harvest has started. As of Sept 25, 15% has been harvested vs 19% average. Even though 73% is mature vs 645 average. Cutting has been slower due to some areas being unable to get the heavy equipment into the field due to excessive rains. As of now, the weather has improved so that the fields can dry, which will allow the combines to start cutting again.
Yields in the corn have been variable. With the harvest progressing into a better area, the yields will improve.
The demand has improved. Cheap prices seem to bring out more business. The weekly export sales have been good, though I find the negative side is China’s tariff Tax on DDG.
We’ll have to see what the Quarterly Grain Stocks report shows on Sept 30th. Corn could still have one more break. With the increase in business, and as the Harvest starts to wind down, there could be rallies.
Series 3 Licensed
Senior Market Strategist
Gerry has more than 30 years of experience as a licensed stock and commodities broker. His background includes working with Swift Henke in back-office operations; H. Hentz, where he handled the stock order desk; Drexel Burnham, where he helped set up the commodities operation in Chicago and did business with commercial and retail clients; and Smith Barney, where he served commercial and retail customers. Prior to joining RJO Futures, Gerry worked with retail and commercial hedge customers at MF Global.