Great question Mark?

The rally started with the day session open, so the big funds decided today was a day to buy..money flow more than fundamental news???

However, it could be that early yields are coming in disappointing, with the less than optimal (heat fill in some places) finishing weather for corn. 

                Corn Yields            

                            10 responses |          

                Started by metmike - Sept. 12, 2021, 12:01 p.m.            

https://www.marketforum.com/forum/topic/74802/

It seems nobody knows. Maybe an outlier of momentum buying

A fast harvest usually means pressure at delivery points [country elevators and even big co-ops

Temp is a bit warm to risk large piles of out side corn. Bins usually fill up fast with harvest at least 2 weeks early. Does 2 weeks early mean less corn??? Maybe, as the combines tell us what us really out there. Our yield is approx 10 bu less. Light test weight may be our corn discounted at time of sale The plant just up and died with plenty of water, so temps and too much water must have done some thing. Some tar spot but not a huge concern unless we don't know.

All pointing to a large negative basis should be slowing down deliveries or bin it if you can, regardless of yield as many combines running deliver too much corn at one time

Market usually ticks down ward during harvest pressure

This is not the harvest price action I am used to seeing

I wonder if world importers need corn and once it showed some green they all piled on and up 12-13 is the end result so far

Or oil could go higher. NG is in short supply with not much hope of filling reserves if winter is cold. A random check of BP gas stations showed 5 with zero petrol for sale. No telling how the NG/crude oil will affect other markets. Ethanol is in short supply so I am told. NG has forced fertilizer processors to shut down due to price rationing of NG. Some worry if UK will have needed inputs for a normal crop

So many things could affect corn price, all speculative, of coarse, so far, but my guess is NG will have ramifications we don't even know about, as of yet

And of coarse there is always the dreaded inflation factor. Is oil at 100 supply and demand or lost purchasing power. Is 5.00 plus corn lost purchasing power

This is all above my pay scale

Pure speculation on my part but does any body have a better answer than either/or NG prices and/or inflation

Export inspections this morning:

https://www.marketforum.com/forum/topic/75460/

Forgot to mention, maybe the biggest reason.......energy prices flying higher!!!