Mark's Market Talk for November 18, 2024

A couple of weeks ago we were all asking for rain since we had not seen much of any all fall. Now 5 or more inches later we are asking for dry weather. Those that are still harvesting are finding out how easy the harvest went while it was dry. Fall field work has been at a standstill and if the forecast proves out for this week, there won't be any work done for another week. Last week bean oil was the mover that took beans higher and this week it was the mover that took the bean market lower. Concerns over the biofuel program and crop friendly weather in South America teamed up push beans lower. At the week's end they were down 32 cents while December corn was down 5 cents. The corn market continues to trade in a tight range as the last of harvest finishes up. In areas where harvest is done basis levels have improved as end users are working to free up some farm binned corn. Basis levels in our area have slowly improved, but the late harvested corn is moving to market as most farm bins are full, and that is slowing the price recovery some. It may be December before we see a bigger improvement in local basis levels. Though prices may not be at your target area it is still a good time to core your bins and run some cool air up through them. Even though most corn was binned in a dry condition, it was also very warm during the first half of harvest. That grain is warm enough to cause condensation problems on these cooler nights and that can produce a rain event inside your bin. If you core these bins and run some air the grain will cool down closer to the outside temps and you shouldn't have any problems. Coring will also help bins without air as the funnel you create will allow the warm air to escape easier without a peak. We are seeing the same issue in bean bins where the beans were combined in 80 plus temps and now you may have beans sprouting on the top of your dry beans. Prices are low enough without throwing some damage into the equation.