Corn
Rich Nelson with Allendale says supply and demand factors are combining to push the market higher and he isn’t sure the rally is over yet.
Rich Nelson with Allendale, Inc. says grains are pricing in ideas that corn and soybean yields are not as big as feared. That’s what they found in their nationwide annual yield survey. However, South America’s crop size may also be declining. So what will that mean for the September WASDE and can grain prices continue to rally as a result?
Dave Chatterton, Strategic Farm Marketing, says grain are higher early Wednesday. The market has been pushed by fund short covering, lower yield ideas and better demand. However, upside may be limited especially as farmers sell on the rally. Livestock are mixed.
Randy Martinson, Martinson Ag, says he was encouraged grains were all able to close higher and build on last week’s higher weekly closes. So was it all fund short covering?
USDA’s Economic Research Service (ERS) will provide an updated 2024 net farm income forecast on Thursday. Economists say the net farm income picture would look even worse it weren’t for improved livestock prices.
Bryan Doherty, Total Farm Marketing, shares what he’s looking for this week in the markets to prove last week’s higher closes in the grains wasn’t just a head fake or a bear trap.
Bryan Doherty, Total Farm Marketing, says while the technical action in the grain markets was encouraging grains need to close higher again next week for confirmation. Cattle and hogs also closed higher Friday and for the week.
Scott Varilek with Kooima Kooima Varilek says long term continuation charts for live cattle still look positive. Corn and soybeans could post higher weekly closes but he thinks it might be a bear trap.
Corn and soybeans rally Thursday putting in some weather premium but may have reached a value level which is uncovering strong end user demand.
Jeff Hoogendoorn, Professional Ag Marketing, says corn and soybean may have dialed in the biggest yield and with hot dry weather trimming yield and demand picking up the markets could see more buying.
FAPRI Updates Ag Baseline Projections, Painting a More Negative Picture for Soybean Prices Than USDA
In the absence of new shocks to the weather, the macroeconomy or policy, FAPRI projects prices will generally remain near current levels over the next five years.
Cattle set back on lower early cash and cutouts, while hogs turn mixed after early gains tied to strong weekly exports.
Agricultural imports are expected to reach a record $212 billion, up $8 billion from FY 2024. This increase is largely due to rising imports of horticultural products, sugar and tropical products.
Tommy Grisafi, Advance Trading, says soybeans and corn fade flash export sales, also see First Notice Day liquidation. While wheat may be bottoming as quality issues develop in Hard Red Spring wheat.
Wheat sees short covering Wednesday and tries to rally with corn after key reversals Tuesday in both markets. Soybeans take a break on Midwest rains. However, Craig Turner with StoneX thinks long term lows are close.
Corn and wheat score key reversals after making new contract lows, while soybeans continued higher for a third day.
Soybeans close higher for a third session still putting in weather premium. Cattle and hogs also saw strength with end of month and quarter positioning.
U.S. corn prices hit a four-year low as the prospect for record corn and soybean crops takes shape in the field. The eroding outlook also appeared in the August Ag Economists’ Monthly Monitor.
Corn sees short covering as well with lower crop ratings by 2% and Mexico buying around 5 million bushels of new crop U.S. corn.
Soybeans and products were all higher on Monday, while corn continued to see technical selling and long liquidation ahead of first notice day on Friday.
Cattle shook off a bearish a Cattle on Feed placements number, while hogs consolidated. John Payne with Advance Trading, discusses where the markets head next.
Cattle getting some help from ideas the cash market may be close to a bottom. Grains continue to digest Pro Farmer Crop Tour results and weather.
Pro Farmer confirms record soybean crop and bumper corn crop. What does that mean for the harvest and post-harvest outlook for the market?
Severely bruised corn stalks can limit the plants’ ability to translocate water and nutrients and even cause the growing point region to die.
As harvest approaches in the Midwest, yield potential is definitely top of mind. Please share how your corn and soybean crops look this year versus 2023.
Pro Farmer Crop Tour wrapped up Thursday night, and to summarize the week, scouts found record yields in portions of the Eastern Corn Belt, but a more variable crop in the West.
Pro Farmer Lowers Corn Yield and Production From USDA’s August Estimate, But Raises Soybean Yield and Production to Record Levels.
On the heels of Crop Tour, Pro Farmer projects corn production below and soybean production above USDA estimates. Here’s the yield breakdown for seven Midwest states.
Newsom looks at when corn and soybeans normally put in a harvest low and if that changes when there are predictions for bumper crops.
The fourth and final day of the 32nd Pro Farmer Crop Tour wrapped up on Thursday, Aug. 22, with numbers from Minnesota and eastern Iowa samples combined for full Iowa results.