7/2/18: Mark's "Market Talk" Blog

USDA releases the June acreage and stocks report, high pressure builds into the Mid West, no improvement is seen on the trade issues.

Friday the USDA released their June report which updated the planted acres and June 1 grain stocks. Most of the numbers were within the trade guesses but unfortunately they were at the high end so there really wasn’t any good news. Corn and beans both went higher right after the release and corn did close 5 higher but beans ended the day 3 lower. The up move for corn was welcomed but it still left us short after Wednesday’s down market. Now we turn our attention to the weather and the possibility that a high pressure ridge will move farther east bringing soaring temperatures and dry weather during pollination time. If this does happen we may see a corn rally that could give us some pricing opportunities. They won’t be the 4.00 we had hoped for but perhaps we might get a chance at 3.40 or 3.50 new crop corn. Otherwise it may take all of our trade issues getting settled to put some air back under these markets. In the month of June November beans lost 1.60. Congratulations are in order for those that sold new crop beans last winter in the 9’s. It appears these contracts will look very good this fall. Today the bean crop looks pretty good and if the weather doesn’t throw us for a loop we may see record production again. All the more reason getting these trade issues resolved is so important for farmers. Enjoy the 4th of July holiday and give thanks for the freedoms we enjoy here in the United States of America.

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