Favorable rains locally over the weekend have the crops looking very good in our area as we work thru the crucial pollination and development stage. The extended 6-10 day and 8-14 day forecast looks drier with temps above normal for the Corn Belt. The driest areas could be the Dakotas, MN, WI and northern IL.
Friday’s cattle on feed report showed 11.3 million head in large feedlots, the largest number since records started in 1996. This is 4% more than a year ago. June placements came in at 101.3% of last year while marketing’s came in 100.9% of last year.
The markets are slightly higher this morning with corn up 1 and soybeans up 3. Will the funds start buying in an attempt to extend last week’s rally in the markets? Demand remains strong, but political pressure will keep the markets in check for some time. This afternoon’s crop conditions report should show a slight decline in crop conditions, but traders will likely wait for the USDA’s August production forecast before confirming a bottom is in place.
Producers looking to move old crop and clean out their bins before the 2018 crop starts to come off should give us a call to discuss special options that we have for you.
Have a Safe Day!