NORMAL – Corn and soybean prices saw a nice upside move on short covering at the close Monday.
This is the time of year when harvest will finish up before too long. Soybean harvest is moving right along past the halfway point and the corn continues to come out of the field as well. Don’t get your hopes up for higher prices tomorrow – as Tuesdays tend to be opposite from Mondays.
“Usage on both (corn and beans) is good,” said Pete Manhart of Bates Commodities in Normal. “The export loadings last week were huge for beans but corn was kind of disappointing.”
Things to watch in November include harvest completion and how farmers get the crop out of the bin. Manhart suggests if you keep your grain to buy puts underneath it.
“You can actually sell cash and go out to May and July and buy calls at the money for cheaper than it is to store it to January,” added Manhart.
Manhart reminds growers there is still downside risk when you store grain. Bates Commodities can be reached at 800-779-1515.