New crop corn futures Tuesday continued to trade rangebound, and it’s beginning to appear less likely that prices will break out of the range ahead of harvest.
Mike Seery with Plainfield, Illinois-based Seery Futures says there may be a reaction later this month, after the next World Agricultural Supply and Demand Estimates or WASDE Report.
“We just can’t seem to break the contract low of $3.58,” says Seery. “We can’t seem to get above $3.80. Now, we’re waiting for the USDA report on the 11th of September. We’ll probably still stay in this range until that report.”
On soybeans, private estimates are expected later this week, but Seery believes prices will only sink lower.
“I still think lower prices are ahead with the possibility of $9.50 beans come harvest time,” says Seery. “I’m hearing record yields across the board in many different states as, again, private estimates are coming out this week so we’ll get a better idea, but the average [yield] is about 46.5 bushels per acre.”