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Both July and December corn futures closed higher this week compared to the end of last week and are still at or above levels from 3 weeks ago.

This week’s USDA report had positive news for farmers, with both on farm stocks and planted acres being lower than the trade was estimating.

This week’s price pull back is partly due to concern with the damage Gulf export facilities have suffered in the New Orleans area.

USDA February Report observations and highlights that will impact farmers short and long-term.

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.

Corn demand from China has increased dramatically over the last few months causing corn to rally $2/bu from August lows. What is causing this?

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.

On Thursday, the USDA decreased the estimated national corn yield more than the trade was expecting. In the last 15 years, only 4 had estimated final yields higher in the January report compared to August’s.

This week’s biggest story was the inverse spread between the May and July contracts. Generally, inverses indicate the market is short on supply.

Which USDA Reports Should Farmers Give Their Attention To?