Morning Comments June 11, 2019

Agronomy Early Corn

Opening Calls:

Corn down 3 - 4

Beans steady to lower 

The focus today will be on the USDA WASDE report which will be released at 11:00 a.m. This report will not have any acre changes in it but with roughly a third of Michigan, Indiana and South Dakota and a quarter of Illinois and half of Ohio corn still unplanted on June 9th the trade is waiting to see where the USDA will put the yield. The important thing to remember is once the numbers are released this is what will be traded until the next report regardless of whether or not we agree with it. As of Sunday, according to the Planting Progress report issued yesterday, there are approximately 15 million acres of corn yet to plant. For soybeans, with 60% planted, that means there are approximately 35 million acres yet to plant. 

Yesterday's crop progress came out at 59% good to excellent. The important factor here is that this rating is on what is emerged. The market is still trying to figure out the yield impact, prevent plant acres and weather impact both on what has and has not yet been planted.

All this should lead to volatility in the markets as the trade adjusts weekly to new news. If you know price levels you are looking to sell grain at, we have several options to consider. Contact your Grain Marketing Advisor for more information.