Grain prices climbed during the week, rallying in anticipation of next Monday’s USDA report. The monthly tally will show the agency’s best guess at the size of this year’s corn and soybean crops, which were both projected to be record size last month.
Prices were also boosted by new concerns about heavy rains hurting the soybeans and reports of early-harvested corn being lower quality than anticipated.
Despite this week’s price rally, some farmers and traders fear that the USDA could show an ever-increasing corn and soybean crop, which could knock prices back to dirt-cheap levels.
As of midday Friday, December corn traded for $3.40 and November beans neared $9.80 per bushel.