Corn continued its slide yesterday with wheat pulling it lower and no trade news and export inspections lighter than expected. Weekly corn inspections came in at 765,618 MT for the week versus expectations of 900,000 MT. Reports out yesterday afternoon showed China corn for swine feed use dropping 30% this year as African swine fever outbreak continues to decimate their stock.
The Buenos Aires Grain exchange reported Argentina corn harvest is 4% complete and left their crop estimate at 45MMT. Brazil’s first corn crop is 85% harvested and the second crop is 75% planted.
Its difficult to predict what will move this market higher in the coming months, but most are relying/hoping that spring planting weather to be the catalyst. Temperatures for the next 10 days look cool/wet while the 10 day extended forecast looks to warm up and dry out. Locally we should see significant snow melt the remainder of this week with temperatures in the upper 40’s to mid-50’s.
Producers looking to make cash sales before heading to the fields this spring should give us a call to see how you can get $3.50 for corn delivered in the last half of March – First half of April with a potential sale for December 2019 at $4.00.
Now is the time to start thinking about firm offers for this summer and next fall. Spring planting is not that far away and you don’t want to miss a marketing opportunity because you are too busy in the fields. Give us a call today to get your offers in.
Have a Safe Day!