Last week’s USDA Crop Productionand World Agricultural Supply and Demand Estimates sent prices diving lower. The reports confirmed higher yields for corn and soybeans, equaling too much of everything.
This week ended on a better note. For this week, September and December corn closed about a penny higher and September and November soybeans were up about a dime.
Prices would have likely been lower for the week, but news reports saying trade talks will continue between the U.S. and China supported prices, says Jerry Gulke, president of the Gulke Group.
“There's enough hurt going on, not only from farmers, but also in the business side, that somehow, someway the U.S. and China both have to come away with something,” Gulke says. “You can just see how a little news item moves the commodity markets and the stock market. People are just anxious to get this thing over with, and no one is more anxious than the farmers.”
Rains Returns to the Midwest
This week, showers moved across a large swath of the U.S., bringing relief to thirsty corn and soybean crops. Here’s the observed precipitation from Aug. 10 through Aug. 16:
Gulke says his farm has received about four inches of rain in the last 10 days.
“This is the time frame when you historically can really use the rain for soybeans,” he says. “We could have added a couple bushels an acre in northern Illinois.”
In doing crop checks around his area, Gulke says, corn plant population looks strong. “The crop is thicker, and there's a there's a cob on every stalk, but the kernels seem pretty shallow.”
The Pro Farmer Midwest Crop Tour kicks off next week. Crop reports from hit will shine some additional light on the size of this year’s corn and soybean production. Be sure to follow AgWeb’s coverage of the 2018 Pro Farmer Midwest Crop Tour.
For additional analysis from Jerry Gulke, visit AgWeb.com/Gulke.