It Ain't Over Until the Crop is in the Bin
Aug 21, 2013
Beauty is not the only thing in the eye of the beholder. So too is a corn and bean crop and this year's crops have lots of eyes on them as we head toward harvest. Earlier this month many farmers felt USDA's crop estimates were too high while many traders felt they were too low. As numbers come in this week from the Pro Farmer Midwest Crop Tour some see the bin half empty while others see it half full. The crops are certainly considerably larger than last year but perhaps not as large as many had hoped for. Lots of questions remain. Will there be enough moisture down the stretch and will the stretch be long enough before the first frost? Meanwhile farmers are closely watching some other numbers and many don't like what they see. Grain prices are trending lower as exports have slowed and traders believe a big crop will get bigger. While that's good news for livestock producers it may finally create some urgency in the countryside to put pressure on Congress to get a farm bill done. It might also change some marketing plans this fall. No matter what the projections are, farmers will tell you nothing is for sure until the crop is in the bin and that's where a lot of it may wind up if prices continue to drop.