The corn market continues to respond to harvest delays caused by weather. “With a big rally yesterday, and the threat of continued cool, wet weather, the corn market will probably hold on,” notes Marty Foreman, economist with Doane. “As long as the threat of poor weather is there, it will be difficult to pressure the market back down.” As harvest is pushed later into Nov., the risk of more bad weather and snow increases.
Bill Nelson, economist with Doane, notes currently there has been no deterioration to the corn crop, but the market is looking forward at the extended forecast.
Foreman adds that with only 17 percent of the U.S. corn crop harvested compared with a five-year average of 46 percent for this time, harvest is shaping up as the slowest on record.