Marketing-Communications
The latest crop progress report from the U.S. Department of Agriculture (USDA), 67 percent of the corn crop was rated good to excellent. Indiana is lagging behind with only 45 percent of its crop in that category.
While China’s agricultural output has surged along with its robust economic growth, state-run stockpiles are overwhelming demand and prompting the government to reevaluate costly buying programs intended to bolster food security.
Near-record ethanol production means more demand for grain.
Grain markets yawned Thursday after the release of the latest supply and demand report from the USDA.
Kenya has approved the import of 5 million bags, or 450,000 metric tons, of yellow corn from Ukraine as a drought slashes its own output of the grain.
Market psychology took a negative turn this week on the latest export figures, but the numbers don’t paint as bleak a picture as it seems, says Jerry Gulke of the Gulke Group. Also, keep watching weather in South America.
2017 looks to be bearish soybeans, but bullish corn. This week’s U.S. Farm Report analysts break down the dynamics of the market and why producers need to have a plan.
There wasn’t anything to get excited about in regard to USDA’s monthly WASDE and Crop Production reports. Though, that was to be expected, says Jerry Gulke, president of The Gulke Group.
The market is bracing for a slight reduction in USDA’s corn yield estimate in Friday’s crop production report with disappointing yield reports already coming in from southern corn-producing states.
Archer-Daniels-Midland Co., the world’s largest processor of corn, posted second-quarter earnings and sales that missed analysts’ estimates after a decline in ethanol margins and crop export volumes.