Corn
The National Corn Growers Association has issued a call to action to Congress and the Trump administration to help find demand for the 16.7 billion bushel corn crop.
One concern cited is that USDA tends to aim too high with its August yield estimates, based on what the data shows from the past decade. The other concern is how strong demand will be, given corn carryover projections.
Chuck Shelby, Risk Management Commodities, says soybeans were higher still digesting the positive news from the WASDE report and pulled corn higher. While he thinks this is bottoming action in the soybeans but what about corn?
Kent Beadle with Paradigm Futures says corn is following the soybean market early Wednesday after USDA shocked the market with a record 188.8 bu. yield and 2 million more harvested acres. So did the report bottom the markets?
This alternative storage tool can give your farm a little wiggle room to play the futures markets and capture more return-on-investment this fall.
Corn yield estimates in seven counties surrounding the community of Bloomington indicate farmers there will harvest an average crop, at best. That’s counter to what USDA predicts for Illinois yield results statewide.
Brian Splitt with AgMarket.Net says new crop corn fell to contract lows after the August WASDE in reaction to USDA’s eye-popping 188.8 bushel per acre corn yield. However, soybeans rallied with ending stocks falling under 300 million bushels.
If USDA predictions hold true, a massive U.S. corn crop is on the way.
Jeff Hoogendoorn with Professional Ag Marketing says the grain markets were lower on China disappointment. Lean hogs continue to be supported by lower slaughter figures which could be a tailwind into 4Q.
The extent of the disease in the state is the worst one ISU Extension pathologist says she has ever seen. Farmers in 17 other states have also confirmed the disease.