As a farmer, there have been excellent opportunities in the last week to take advantage of rising prices for both corn and soybeans.
On Thursday last week, the weekly export report showed that old crop soybean export sales rose to an eight-week high at 21.0 million bushels this week. We need good demand news like that to keep flowing into our market space to help support both corn and beans. The next big piece of news for the grain markets will be the acreage & quarterly stocks report on Friday, June 28th. Expectations from many sources are that bean acres will be increased.
In its report Monday, the USDA pegged the corn crop in 56% good/excellent condition, below last week’s 59% rating. Iowa was rated at 62%. 89% of the U.S. corn has emerged vs. a 99% five-year average.
U.S. soybean planting completion is rated at 85% vs. a 97% five-year average. The nation’s crop is rated as 54% good/excellent vs. a 73% rating at this time a year ago. Also, 71% of the U.S. soybean crop has emerged vs. 91% five-year average.
The wet weather these last few days in much of the Corn Belt has delayed (or ended) any late bean planting that might have occurred. Unplanted acres are still a big deal; Illinois leads the way in both crops.
We urge you to keep placing offers for unsold grain at price levels you are comfortable with. The grain market complex has been volatile the past 30 days- which is a good thing if you are the producer. The key is to stay disciplined with sales as the market keeps moving. I have been encouraging folks to take a look at deferred months for sales as well- looking into 2020 and selling ahead can be very advantageous and a great way to capture market rallies throughout the next calendar year.
Local corn progress good compared to other places in Corn Belt
Social media is full of corn progress pictures so we wanted to share some of our own from Grain Marketing Advisor Samantha Wingrove.
These photos were taken on Monday, June 17 in Carroll County. The corn was planted April 26th. Beans were planted the last week in April also. Looking pretty good given the conditions this year!