9/3/10

Wow what a day!  As always, going into a holiday weekend, things can get a little crazy.  Corn closed up 17, beans up 26 and wheat up 14-27.  Corn futures rallied to a new 23-month high after Informa announced that they believe the final corn crop will average 158.5 bpa vs what the USDA believes will be 165.0 bpa.  The funds bought an estimated 25,000 contracts to help fuel the rally.  Beans hit a 2 ½-week high as they followed the corn markets upward.  Funds bought an estimated 6,000 contracts of beans.  Harvest will most likely get underway towards the middle of next week pending any weather delays.  The few that are going in western Illinois are looking at yields that are less than expected.  There are no markets on Sunday night or Monday during the day due to the Labor Day holiday.  Trading will resume Monday night for the evening session.  Have a wonderful and SAFE holiday weekend!

Darla Pittman