Outside Markets and Corn Yield Debate Steal the Show in Midweek Ag Trade
The grain markets settled into a quiet mixed session on Wednesday, but other market fluctuations drew more attention. The stock market saw a sharp rally, gold jumped $150 an ounce, and crude oil shed nearly $10 over about 70 hours.
Tommy Grisafi of Nesvick Trading and AgBull Media noted that the connection between outside markets and grain prices isn't as tight as it used to be. However, he added that lower energy costs still matter at the margins, particularly for corn and soybean oil which carry meaningful energy content.
DuWayne Bosse of Bolt Marketing pointed out a widening gap in corn yield estimates as harvest approaches. StoneX pegged national yield at 184.5 bushels per acre, while Bosse's own estimate sits lower at around 181.5 bushels per acre.