Figuring out what the corn market is going to do lately has been pretty easy: Just watch what's happening on Wall Street. As the Dow goes, so goes corn, at least until turbulence in the financial world settles down.
For better or worse, most farmers have plenty to keep them busy, with field work giving a respite from the headline uncertainty. Harvest continues to run well behind normal, a pace that's not likely to improve with rain — and a little snow — and cold temperatures late last week. Many producers used to wrapping things up in early October will still be in their combines come Election Day.
While corn ratings are holding steady, this suggests potential for yields to fall some when all is said and done. A late frost may have boosted production in some areas, but that likely will be more than offset by losses from downed corn.
With the crop size more or less set, recovery rallies normally would depend on demand. This year, of course, the rallies depend on the stock market finding a bottom. When that happens it presumably will be because the credit markets have stabilized, which should also provide better clues about how demand is holding up. To read Bryce Knorr's complete weekly corn review click HERE.