Markets - General
Jon Scheve shares highlights from last week’s USDA report and futures projections based upon different national yield averages.
USDA released a few big surprises in the June acreage report, including a spike in corn acres and a large reduction in soybean acres. The agency also forecasts grain stocks below trade expectations.
USDA’s June Acreage and Quarterly Stocks reports resulted in a bullish surprise for soybeans and bearish news for corn. In an already volatile grain market, the supply situation is problematic.
The Ag Economists’ Monthly Monitor is a new survey of nearly 50 economists. Most ag economists agree the next 12 months could produce more financial pressure for agriculture, but their views vary depending on commodity.
After a record-breaking planting pace for a lot of farmers, optimism seems to be shifting as the drought expands across the Midwest.
Jon Scheve discusses how the upcoming USDA report could impact prices. Plus some recent trade he made and why.
Corn prices fell more than 30 cents on Friday, a change from the rapid run-up in prices the past two weeks, but even with chances of rain across the northern Corn Belt, drought continues to eat away at crop conditions.
Drought is deepening across the Midwest with 64% of the corn crop and 57% of the soybean crop across the U.S. now covered in drought, a sizable jump in just a week after NASS showed a historic drop in condition ratings.
AgDay TV Markets Now: DuWayne Bosse of Bolt Marketing says corn and soybeans ended slightly higher but off highs with profit taking and hedge selling. But will retest those areas with lower crop ratings.
Jon Scheve discusses how mid-June traditionally is a good time to sell new crop corn.