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Market not responding to harvest delays

An analyst says the market doesn’t seem too interested in what’s left of the 2018 harvest.

Elaine Kub tells Brownfield basis bids are stagnant across the Midwest.

“There are regions where there are still a proportion of fields that haven’t been harvested, and regions where the harvest got done fine.  And we don’t really see a response in those basis bids because the industry is so busy storing soybeans, and obviously has no shortage of corn available right now.”

As of Sunday, 94 percent of soybeans have been harvested compared to the five-year average of 98 percent.  Corn is two points off the typical pace of 96 percent.

“So what’s sitting in the fields, if it has to sit there through the winter, it’s been done before.  Last year some corn got harvested in the spring.  We are just not seeing the industry respond bullishly to that problem just yet.”

December corn did close four cents higher Wednesday and January soybeans were up 15.