CHART OF THE DAY

We note that this past Monday the USDA rated the US
corn crop 75% good/excellent, and if the past is
prologue to the future, the odds of the recent highs
being take out to the upside are obviously growing

smaller and smaller by the day


The above chart of new crop corn tells the story of timely planting, favorable
weather, lack of new fund capital inflow and historically high prices mixing 
into a bearish brew.  We still have plenty of growing season ahead of us, but
suggest rallies will be limited by the supersized looming stash of old crop.

Selll old crop and new crop on a bounce back to 3.70 cz10.  


An excerpt from the Gartman Letter this morning"
Our old friend, Mr. Bill Gary, sent us a most interesting
note yesterday, looking at the weekly USDA crop
progress reports and “forecasting” today’s reports
forward. He notes that in the years when the corn crop
is rated 70% good/excellent on or near June 20,
December corn futures tend not to exceed the June high
Bill notes that

"Since 1986, there have been seventeen years
when the crop was rated 65% or higher on or
near June 20. In ten of the seventeen years
59%), December futures were unable to
exceed the June high during July or August
[and further] since 1986 there have been
eleven years when the crop rating on or near
June 20 was 70% or higher. In nine of the
eleven years (820, December futures were
unable to exceed the June high during July or August"
December [corn] futures tend to not exceed the June high…”




Local Cash Bids
North Central PAMill Delivery Cash Basis  
 #2 Yellow Corn Jul 31, 10
  Aug 31, 10
  Sep 30, 10
  Nov 30, 10
  Dec 31, 10
  Mar 31, 11
 #1 Yellow Soybeans Jul 31, 10
  Nov 30, 10
  Mar 31, 11
 #2 Soft Red Winter Wheat Jul 31, 10
  Sep 30, 10
  Dec 31, 10
  Mar 31, 11
  May 31, 11
  Sep 30, 11
Clearfield ASK FOR $ Delivery Cash Basis  
 #2 YC Jul 31, 10
  Aug 31, 10
  Sep 30, 10
Western PA Farm Delivery Cash Basis  
 #2 Yellow Corn Jul 31, 10
  Nov 30, 10
  Dec 31, 10
  Mar 31, 11
 #1 Yellow Soybeans Jul 31, 10
 #2 Soft Red Wheat Sep 30, 10
South Central PA Mil Delivery Cash Basis  
 #2 Yellow Corn Jul 31, 10
  Aug 31, 10
  Sep 30, 10
  Oct 31, 10
  Nov 30, 10
  Dec 31, 10
  Jan 31, 11
  Feb 28, 11
  Mar 31, 11
 #2 Soft Red Wheat Jul 31, 10
 #1 Yellow Soybeans Oct 31, 10
Eastern OH Delivery Cash Basis  
 #2 Yellow Corn Aug 31, 10
 #1 Yellow Soybeans Jul 31, 10
 #2 Soft Red Winter Wheat Jul 31, 10
Fob New Jersey Delivery Cash Basis  
 #2 Yellow Corn Jul 31, 10
 #2 Soft Red Wheat Jul 31, 10
 #1 Yellow Soybeans Jul 31, 10
Price as of 07/29/10 10:29PM CDT.
Click to view more Cash Bid Trading System

Featured Research

 



Local Conditions
Mifflintown, PA
Chg Zip Code: 
Temp: 70oF Feels Like: 70oF
Humid: 64% Dew Pt: 57oF
Barom: 29.96 Wind Dir: NNE
Cond: Partly Cloudy Wind Spd: 5 mph
Sunrise: 6:02 Sunset: 8:25
As reported at SELINSGROVE, PA at 11:00 PM
 
Local Radar
Mifflintown, PA
Radar
 
Local Forecast
Mifflintown, PA

Friday
Saturday
Sunday
Monday
Tuesday
High: 79°F
Low: 61°F
Precip: 0%		 High: 84°F
Low: 56°F
Precip: 0%		 High: 84°F
Low: 57°F
Precip: 60%		 High: 83°F
Low: 61°F
Precip: 20%		 High: 87°F
Low: 62°F
Precip: 20%
View complete Local Weather

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Mifflintown Weather

AgWeb Agricultural News
A New AgWeb Arrives Next Week 1/29/10 1:00 PM
More news, easier navigation, faster load times and are featured
Good Growing Weather for the Rest of the Summer 1/29/10 1:00 PM
USDA meteorologist says crops should fare pretty well across the country for the rest of the summer.
Corn College TV Launched! 1/29/10 1:00 PM
This past week, while 800 farmers graduated from Corn College, the Corn College team also started filming Corn College TV.
Top Discussion: Wheat Bullish or Bearish? 1/29/10 1:00 PM
See what farmers are saying about the wheat market.
Prices Increase, But the Market Needs To Prove Itself 1/29/10 1:00 PM
There certainly are some good things happening in the dairy markets.
Crop Comments: Have You Seen the "White Combine?" 1/29/10 1:00 PM
Send in a report for your farm!
Don’t Be Afraid to Jump on the Social Media Bandwidth 1/28/10 1:00 PM
People talk behind your back everyday.

Futures
@C - CORN - CBOT
Month Open High Low Last Change Time More
Sep 10 378'4 382'6 378'2 381'0 1'6 10:15P
Dec 10 393'0 397'0 393'0 395'2 1'4 10:15P
Mar 11 405'6 410'0 405'6 408'4 2'0 10:15P
@S - SOYBEANS - CBOT
Month Open High Low Last Change Time More
Aug 10 1026'2 1034'6 1026'2 1034'2 7'4 10:17P
Sep 10 992'4 1000'0 992'4 999'4 6'6 10:17P
Nov 10 987'6 995'4 987'4 994'4 6'4 10:17P
@W - WHEAT - CBOT
Month Open High Low Last Change Time More
Sep 10 626'2 635'4 625'6 632'6 5'2 10:17P
Dec 10 658'4 668'0 658'0 665'0 5'4 10:17P
Mar 11 680'0 690'2 680'0 688'4 5'4 10:17P
@SM - SOYBEAN MEAL - CBOT
Month Open High Low Last Change Time More
Aug 10 3054 3082 3050 3082 28 10:15P
Sep 10 2930 2955 2926 2951 18 10:15P
Oct 10 2873 2895 2873 2895 22 10:15P
@BO - SOYBEAN OIL - CBOT
Month Open High Low Last Change Time More
Aug 10 39.19 39.35 39.19 39.23 - 0.04 10:15P
Sep 10 39.41 39.50 39.34 39.40 - 0.01 10:15P
Oct 10 39.55 39.69 39.51 39.58 - 0.01 10:15P
O - OATS - CBOT
Month Open High Low Last Change Time More
Sep 10 258'0 261'4 258'0 261'4s 4'4 01:45P
Dec 10 272'6 274'4 270'2 274'4s 5'2 01:45P
Mar 11 281'4s 5'2 01:45P
LH - LEAN HOGS - CME
Month Open High Low Last Change Time More
Aug 10 84.450 84.900 84.200 84.850s 1.475 01:17P
Oct 10 77.900 78.400 77.650 78.075s 1.125 01:17P
Dec 10 74.950 75.250 74.750 74.925s 0.425 01:17P
LC - LIVE CATTLE - CME
Month Open High Low Last Change Time More
Aug 10 92.950 93.250 91.800 91.850s - 0.925 01:17P
Oct 10 94.550 94.900 93.250 93.475s - 0.725 01:17P
Dec 10 96.275 96.500 95.250 95.350s - 0.525 01:17P
@AC - DENATURED FUEL ETHANOL - CBOT
Month Open High Low Last Change Time More
Aug 10 1.665 1.668 1.657 1.666s 0.025 01:40P
Sep 10 1.632 1.642 1.630 1.635s 0.019 01:40P
Oct 10 1.627s 0.014 06:00P
@DA - CLASS III MILK - CME
Month Open High Low Last Change Time More
Jul 10 13.72 13.75 13.71 13.74s - 0.01 04:02P
Aug 10 14.88 14.88 14.88 14.88 - 0.04 09:32P
Sep 10 15.37 15.39 15.37 15.37 0.00 09:56P
@DX - U.S. DOLLAR INDEX - ICEFU
Month Open High Low Last Change Time More
Sep 10 81.760 81.840 81.705 81.765 0.011 10:18P
Dec 10 82.079 - 0.556 10:18P
Mar 11 82.439 - 0.556 02:09P
@TY - 10 YR US TREASURY NOTES - CBOT
Month Open High Low Last Change Time More
Sep 10 123'07.5 123'13.5 123'06.5 123'12.5 0'09.5 10:17P
Dec 10 122'15.0 122'15.0 122'13.5 122'13.5 0'07.5 10:15P
Mar 11 121'04.5 121'12.5 121'04.5 121'00.0s 0'08.5 04:04P
@ZG - GOLD 100 OZ - NYSEL
Month Open High Low Last Change Time More
Aug 10 1166.100 - 0.500 10:18P
Sep 10 1169.000 0.000 10:17P
Oct 10 1168.000 1168.000 1167.000 1168.000 - 1.800 10:18P
SP - S&P 500 INDEX - CME
Month Open High Low Last Change Time More
Sep 10 1110.00 1112.80 1089.00 1097.00s - 5.10 03:25P
Dec 10 1103.00 1107.40 1084.40 1092.30s - 5.10 03:25P
Mar 11 1102.80 1079.80 1087.70s - 5.10 03:25P
DJ - DJ INDUSTRIAL AVERAGE - CBOT
Month Open High Low Last Change Time More
Sep 10 10510 10540 10340 10409s - 39 03:25P
Dec 10 10344s - 40 03:25P
Mar 11 10288s - 40 03:25P
My Custom Markets
Symbol Open High Low Last Change Time More

     

 

                    Jon Hart's Market Blog
 

 		 

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