Corn and soybeans finished in the green at the Friday close, with slight gains for corn and modest gains for soybeans. However, for the most part the corn and soybeans have been in a consistent move to the downside for the better part of two months.
A big part of that downward price movement is harvest pressure which is reflected in the grain markets as farmers continue to harvest and market grain throughout the fall. Matt Bennett is the CEO and co-founder of AgMarket and he tells the Iowa Agribusiness Radio Network that despite harvest pressure hopefully subsiding as we near the finish line of harvest, the funds are set on liquidating long positions.
Bennett says that he has been surprised by how far corn has dipped in the ag markets.
With widespread reports of good soybean yields across the Corn Belt, Bennett says that could lead to an adjustment in the soybean yield numbers in the November WASDE report.
For more information visit www.agmarket.net.
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