Grain News – Grain Markets on Fire this Week
WOW! Grain markets have been on fire this week. We have seen some swings that have given people the opportunity to sell $8 beans. Working offers on fall bushels for this year and fall 2019, helps you reach goals.
Soybeans were higher most of the day on reports that China had submitted a written response to the Trump Administration’s demands on trade, something neither country had been willing to do previously. It is a more formal step that could continue the two countries down the road to more intense negotiations. There are also reports that US Trade Representative Lighthizer is becoming more involved and it was even reported that he was telling interested parties that the next round of Chinese tariffs is on hold. He later denied the latter. This all happens amid the backdrop of a planned meeting between Presidents Trump and Xi at the G20 at the end of the month.
The US produced 314 million gallons of ethanol in the week ending 11/9, little changed from the prior week. This uses approximately 111 million bushels of corn. Since Sep 1, ethanol production has been running slightly ahead of the seasonal pace implied by the USDA’s 5.65 billion bushels corn-for-ethanol demand projection.
Estimated planting acres for 2019 are going:
- 92.8 million acres of corn
- 83.4 million acres of bean
- 48.9 million acres of wheat
Make sure to get your offerings working for 2018 and 2019 crops. We have many options available to you. Please call anyone of us and start the discussions.