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.
- 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)