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!