Grain News – Markets are Trading Both Sides of the Market
Markets are trading both sides of the market. The market is watching the weather become drier giving opportunities to plant in the next couple of weeks. Funds are rebuilding their shorts. USDA is releasing their next supply and demand report next Tuesday 11am. Look for a possible revision of potential yield on corn and beans.
Interesting crop estimates pushed forward by Informa yesterday. They are projecting US corn plantings at 84.942 million acres. They also project 174 bushels per acre yield, and 13.555 billion bushels of production. Soybean plantings are projected to total 85.037 million acres. Yield is expected at 51.1 bushels per acre, which is 4.313 billion bushels. Informa did not breakdown on 11.9 million acres prevent plant. The highest level of prevent plant acres on record is 9.6 million acres.
Corn is not on the list for Mexican retaliatory tariffs against US. US corn still overpriced against South American corn by 35 to 50 cents. US Treasury Secretary is meeting with Chinese officials at G-20 summit. Markets do not expect a trade deal with China anytime soon. Concerns are still out there with getting USMCA ratified.
Make sure to have conversations with us about marketing an old corn and future sales. We still have options for you. Market plans are still a great option. Make sure to get offers in. Never hurts to sell at a profit!
Enjoy this great stretch of drier weather and sun!