August 2, 2018
Markets currently trading three higher on corn, and five lower on soybeans. Yesterday’s loss of seven cents was attributed to a couple different factors, including: much favorable forecast change, and rumors of larger tariffs on imports from China.
FC Stone released yield estimates of 178.1 bushel for corn and 51.5 bushel for Soybeans. Reports are coming in across the Midwest of elevators and farms a like with large quantities of old crop corn to move before fall. This is concerning for farmers with an expected large harvest soon approaching and higher demand for truck drivers taking away from grain hauling. USDA had ethanol yield at 2.88 gl/bu in May, below last year, and another reason demand has gone up.
Below are firm offer levels to consider:
Old Crop – Call for options
Fall Delivery – $3.65-3.75
Spring 2019 Delivery – $3.80-3.90
Summer 2019 Delivery – $3.90-4.00
Have a Great Day!