Grain News Updates
Rain makes grain. Between yesterday afternoon and today, the crops got a much-needed rain fall. Crops are making some positive progress in the field, as corn starts to tassel, beans flower, and wheat turns gold.
Corn, beans, and wheat are down for both old crop and new crop. One of the major issues is the lack of sales in the grain market. The market needs some new sales to keep the market rolling. China’s crushing of soybeans is down 11% from previous years. Wheat is weaker, simply because the supply is increasing due to harvest time.
The anticipated phone call between China and the U.S. is scheduled for this afternoon. Hopefully good news will come from that.
Export sales were released. As you can see in the chart, they are lower but within range.
If you are harvesting wheat in the next few weeks stay safe and keep your elevator informed on your needs.