AgDay
Hosted by Haley Bickelhaupt, AgDay provides the nation’s farmers and ranchers with the latest news, weather and business headlines, and features the people and places unique to the industry and small-town America.
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Latest News
This week the USDA decreased the 2020 corn carryout, which lowered the stock to use ratio (i.e., the total usage compared to total production) to 2012 marketing year levels.
This week’s price pull back is partly due to concern with the damage Gulf export facilities have suffered in the New Orleans area.
The USDA report found an additional 246 million bushels to add to the production side of the balance sheets.
Last week May corn prices blew past $6, and then a few days later $6.50.
New Crop Futures Prices Dry weather concerns in the Dakotas and possible ridging in the western corn belt has pushed some risk premium into the markets. December corn closed at $5.91, up 91 cents in 6 trading days.
This week’s biggest story was the inverse spread between the May and July contracts. Generally, inverses indicate the market is short on supply.
Over the last 5 trading sessions corn dropped 90 cents, while beans were nearly unchanged.
Which USDA Reports Should Farmers Give Their Attention To?
China’s purchasing of corn and beans is the biggest factor impacting the market right now.
While temperatures were nearing normal last week on our farm in southeast Nebraska, a cold front has pushed in and put a stop to any planting progress.