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Markets may not have seen the lows yet

As harvest moved into full swing, Purdue ag economist Chris Hurt says it looked as if there was additional pressure on commodity markets.  Until, he says, farmers around much of the Corn Belt saw a nearly two-week weather delay.  “And that really gave some incentives to put some weather risk or uncertainty into the price,” he says.

But as harvest begins to pick back up across the Corn Belt, Hurt tells Brownfield that uncertainty may not last long.  “Have we made the lows – will we rest the lows,” he asks.  “And probably the next two, maybe three weeks is when we’re going to see if we retest those lows.  We’ll see if that roughly $3.20 on December corn and about $9 on November beans – if those hold.”

But, he says those prices will largely depend on how harvest progresses in coming weeks.