Above Average Corn Ratings

Published on: 11:06AM Jul 30, 2019

Nebraska, North Dakota Corn Belt States have Above-Average Corn Ratings  

  • USDA’s weekly progress report showed a marginal improvement for U.S. corn conditions for the U.S.
  • Among Corn Belt states, conditions remain below average except for Nebraska and North Dakota.
  • Cooler-than-normal conditions moving forward could stabilize yields despite the poor start the planting season.
  • Silking was at 58 percent, six days behind the median.
  • What It Means For The US Farmer: At FBN, we believe there still is upside pricing opportunity despite the stabilized conditions.  Production uncertainty remains present for the U.S. Stocks are forecast to decline, year-over-year.

  FBN Advisory     
Soybean Inspections Strong, Primarily to China

  • Weekly soybean inspections were strong at 38 million bushels.  
  • Of that total, about 23 million bushels were destined for China, leaving about 214 million bushels still outstanding for old-crop.  
  • Market chatter is that China will remain interested in U.S. soybeans, but FBN believes this is more for good measure rather than actual need of U.S. soybeans.
  • What It Means For The US Farmer:  At FBN, we believe that while the remaining tonnage of outstanding sales could be shipped to China before the start of the new-crop marketing year, it would be an unusual pattern. Some of the sales likely will roll over to 2019/20 with risk being that USDA could add to old-crop stocks in the coming month.
     

 

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

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