Good Morning,
Through this morning of trade, corn is currently unchanged and soybeans are up 4 cents. Some heavy rains have moved through the Northern Corn Belt in the last 24 hours and continue into this morning. The bulk of the rain fell from southern MN to central WI where there has been reports of up to 4-6” in some areas. Chances of rain seem to have amped up a bit in the last 24 hours for the region. Rains are expected to return late this weekend and continue throughout the week next week. Some highly anticipated data from the USDA will be released at 11 a.m. and any shocks to the report is expected to cause some aggressive price movements in either way. I would recommend calling today to discuss opportunities to contract grain before and after the report. Below is the USDA June acreage and stock report estimates:
U.S planting of major crops for 2019 harvest (in million acres):
USDA June 28 estimate Average of analyst’s estimates USDA June 11 WASDE
Corn 91.7 86.662 89.8
Soybeans 80.0 84.355 84.6
All wheat 45.6 45.654 45.8
U.S. Quarterly Stocks as of June 1 (in billions of bushels):
USDA June 1 Estimate Average on analyst’s estimates USDA March 1, 2019
Corn 5.2 5.332 8.605
Soybeans 1.8 1.861 2.716
Wheat 1.0 1.100 1.591
Have a great day!
Drake Bliss
920-348-6817
dbliss@didionmilling.com
