Good Morning,

After coming off a pretty bearish week last week, the grain markets are finding a bit of support to start the new week of trade. Corn is currently up 3 cents and soybeans are up 5 cents. I believe the markets are reacting to weather models that show a dry week ahead for much of the U.S. growing region. Weekend rains fell in the central/northern Corn Belt over the weekend, with some heavier amounts on the MO/IA border and eastern SD into northern MN and WI. There are currently rains moving across the southern and eastern Corn Belt this morning. However, weather forecasts are predicting we won’t see the rains return until we get 6-10 days down the road. The U.S. – China trade talks are set to resume this week, although expectations for a trade deal to be made anytime soon still remains low. The USDA will release the weekly crop condition report this afternoon at 3 p.m. Analysts are expecting the corn condition rating to come in at 56% GTE (57% GTE last week, 70.5% 5-year average) and the soybean condition is expected to come in at 53% GTE (54% GTE last week, 67% 5-year average). It will be interesting to see where the weekly condition ratings end up. Traders will definitely pay attention to the release of the new numbers this afternoon trying to get a better indication where yield is going to end up. However, I don’t believe the weekly condition report will have a huge effect on trade, it seems like traders are waiting to base their decision on this year’s crop after they see the August report. Ultimately, I don’t believe there will be any big news to come this week. Traders will definitely keep an eye on the trade talks even though much isn’t expected to happen. Also, I believe traders will continue to keep a close eye on the weather as it seems to be the biggest driver of prices as the moment.

Have a great day!

Drake Bliss
920-348-6817
dbliss@didionmilling.com

Good Morning,

Grain markets were mixed through the overnight of trade as another session of low trading volume passes. The choppy trade remains here in the short-run as traders continue to eye the weather, any technical indicators and the U.S. China trade talks. Corn is currently down 1 and soybeans are currently up 6 and a half cents. A lack of fresh news, displeasing export numbers for corn and soybeans, and non-threatening weather forecasts kept prices on the defensive here in the last 24 hours. There are chances of rain in our area over the weekend and we will continue to see cooler to normal temperatures throughout the week next week. Going forward, I would continue to advise producers to weigh out their options for marketing any old or new crop. At the very least, it wouldn’t be a bad idea to have some firm offers in before the August 12th report as I expect trade to remain volatile until the report gets here.

The USDA unveiled its plan on how it will distribute $16 billion in aid to farmers who are losing money to the enduring trade war with China. The program, which the USDA calls it’s Market Facilitation Program, will pay farmers who grow one of the 28 designated commodity crops between $15 and $150 per acre planted this spring. Payments are to be made on a single county rate multiplied by a farm’s total plantings to those crops in aggregate in 2019. The payment Dairy producers will receive include a $0.20 per hundredweight based on production history. For more information on MFP, you can visit http://www.farmers.gov/mfp. Here’s a snapshot of our surrounding county payments. Colombia – $48, Dane – $48, Dodge – $51, Marquette – $31, Green Lake – $42, Sauk – $37, Adams – $37, Fond du Lac – $45, Jefferson – $54.

Have a great Friday!

Drake Bliss
920-348-6817
dbliss@didionmilling.com

Good Morning,

Markets were mixed through the overnight of trade with little volume. Corn is currently trading unchanged and soybeans are down 4. The markets continue to trade range bound with traders eyeing the U.S. forecast and waiting to see what happens with the China trade discussions that are set to resume early next week. It definitely feels like the bulls and the bears are in wait and see mode regarding the August report that will be released on the 12th. Even though that report is just over 2 weeks away, it seems like either side is not willing to stick their necks out too far with some uncertainty remaining still. Unless we see a big change in weather or a big step forward or backward in the trade negotiations with China, I think the trade dynamics we have seen this month will continue. I expect the markets to continue to trade in the established range and any price movements will be due to changes in weather forecasts or technical indicators. Going forward, we will continue to monitor weather forecasts and look for any update with international affairs. My advice to producers is to call and discuss opportunities of marketing your crop, especially before the August report gets here. With the way this year of trade has gone, it isn’t fair to rule out any more curveballs being thrown our way.

Have a great day!

Drake Bliss
920-348-6817
dbliss@didionmilling.com

Good Morning,

Markets traded a bit higher through the overnight session as traders reacted to the lower than expected crop ratings from yesterday’s report. The national corn rating fell a point to 57% GTE (58% GTE expected, 58% GTE last week, 71.4% 5-year average) and the national soybean rating went unchanged at 54% GTE (54% GTE expected, 54% GTE last week, 67.2% GTE 5-year average). For Wisconsin, the corn rating came in unchanged at 60% GTE (60% GTE last week) and the soybean rating came in a few points lower at 62% GTE (64% GTE last week). This morning, the disappointing report seems to have been shrugged off and traders have moved on from the data because it really didn’t give a better indication on where this year’s corn yield will end up. Corn is currently down 3 and soybeans are down 5. Moving forward, weather continues to look non-threatening for much of the U.S. growing region. This week in our area we can still expect cooler temperatures and drier conditions. Forecasts show better chances for rain in the 6-10 day time frame. In the days to come, traders will stay focused on weather conditions and any technical indicators as they wait on the new USDA information. At the least, I would advise producers to put in firm offers with their buyers on old and new crop as the next few weeks leading up to August’s report are expected to remain volatile.

Have a great day!

Drake Bliss
920-348-6817
dbliss@didionmilling.com

Good Morning,

After a weekend of storms and cooler temperatures setting in, the grain markets open up weaker to begin this new week of trade. Corn is currently down 4 and soybeans are down 6. This week looks pretty dry for our area, but chances of rains are expected to ramp up in the 6-10 day time frame. The cooler temperatures come at a welcoming time as we are seeing much of the corn crop begin to tassel and start pollination. The cooler temperatures are expected to stay for a while. Extended forecasts are showing the warmer temperatures will return in the 11-15 day time frame.

U.S. – China trade talks are another highlight of today’s news in agriculture. The trade talks are beginning to show more signs of progress. China’s official Xinhua news agency said that numerous Chinese companies are seeking purchases of U.S. agricultural products. The news agency reported that Chinese businesses have recently made inquiries with U.S. exporters to buy crops/agricultural products and applied for lifting of tariffs. Moving forward, the markets will certainly keep an eye on the trade negotiations and will be hoping for more progress to be made.

The weekly crop progress report will be released at 3 p.m. this afternoon. Analysts are estimating a corn condition rating of 59% GTE (58% GTE last week, 71.4% 5-year average) and analysts are estimating a soybean condition rating at 54% GTE (54% GTE last week, 67.2% 5-year average). Moving forward, I don’t think trade dynamics will change much until we see the USDA’s yield and acreage confirmation data on August 12th. I expect markets to remain volatile and trade within the established range that we have seen so far this month. I expect the majority of price movement will be based on changes in weather forecasts and any technical indicators. I would advise producers to keep a close eye on the markets in the days to come and consider their options on marketing their crops, especially as the time gets closer for the release of August’s report!

Have a great day!

Drake Bliss
920-348-6817
dbliss@didionmilling.com