Last week corn futures on the December contract traded at the low end of the season-long trading range, according to Don Roose with U.S. Commodities in West Des Moines.
He reports corn yields in southern parts of the Corn Belt are significant, along with positive weather continuing through the growing season.
On soybeans, Roose says it’s a similar situation; new crop prices are just above contract lows, with favorable weather occurring where needed. He notes crop conditions are improving, resulting in lofty crop conditions across the country and downward pressure on commodity prices.
Market bulls will look for an early frost this year, which will effectively end the growing season. Roose says there’s currently no such indication in long-term forecasts.