Grain Exchange – Markets are moving up and so is the temperature
Markets are moving up and so is the temperature. A little heat this late will hopefully dry out the fields in preparation for harvest.
Corn is up about 7 cents so far today. The USDA weekly progress report release condition of corn is still going down to about 55% good/excellent. Last year good/excellent corn was 68%. Corn is started to dent across the country but from the percent dented we are about 22% behind last year at this time. There was also export sales made to Mexico to support the market.
Soybeans are up as well today between 15-17 cents. There are a few factors in the rally. Crop progress indicated also 55% good/excellent condition which is below the 5- and 10-year average. Setting pods is at 92% not far behind last year. Then it was announced that China is expected to buy more agriculture products in hope for a better trade deal with the US.
Wheat has taken a positive jump up about 10 cents after hitting lows on the previous day. Spring wheat harvest is about 71% complete.
As grain is starting to move up again make sure you speak with your marketing specialist to add open offers. Once you have the offers in place its best to not pull the offer in hopes that the market will go higher, as we have seen the highs do not last forever.
Have a great day!