8/15/2025

Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.  There is going to be a surplus of corn for quite some time once harvest starts and the market is aware.  The bean market had a nice week of gains, up 55 cents.  Basis has backed off a dime on the week as well.  The bean market needs a trade deal from China bad.  Without it the weaker basis trend will continue into harvest.  As of today, the market is telling us there is little to no chance of bean exports off the PNW for October and November.  Exporters have gone ahead and booked corn business for those time slots, which has caused a panic in the bean basis.  Commercials are going to be forced to hold their beans at harvest.  That causes space and logistics issues at most commercial elevators for this fall.