Corn up 1
Beans up 1 to 2
Corn closed lower yesterday after no confirmation of sales to China and a lack of friendly news from the USDA’s Outlook Forum. The Outlook Forum estimated U.S. corn planted acreage at 94 mil acres vs. 89.7 acres last year. Other factors include the strong U.S. dollar making corn less competitive, encouraging more production from South America and Russia. The corn market is trading up a little this morning as we wait to see USDA’s weekly export sales report & the Outlook Forum’s projected balance sheet.
The soybean market closed lower yesterday due to the Chinese demand uncertainty and prospects of a larger than expected 2020 crop. The trade is not expecting a big number estimate from the USDA weekly export sales report this morning. U.S. bean prices are well-above Brazilian prices already. Sizeable U.S. exports may not be seen until late summer without any Chinese buying. Beans are trading higher this morning with the support of possible Chinese purchases.
There is one week left until the deadline for enrolling bushels in the Averaging Contract. Last Saturday, during our women in ag event, Ventures, one of the speakers displayed recent historical corn and soybean charts. These charts show that folks making earlier sales tend to do better than those that price during or after harvest. This is what the Averaging Contract is designed to do: help you market a portion of your expected production during the relatively higher part of the marketing year. Please contact your local Grain Marketing Advisor prior to next Friday for complete details.
Looks like we’ll have some warmer temps this weekend and into next week. While this is a welcome change from earlier this week, we also realize that warmer temps could cause issues for stored grain. Please keep checking your bins “safely”, and make sure to keep your corn and beans in good condition as we move through these changing temperatures.