Last night’s crop progress for corn was 49% complete which is up from 39% last week. Soybeans reached 53% complete which is up from 38% last week. The five year average for corn is 47% and 69% for soybeans. Both of these should climb substantially with this last weekend’s weather and forecasts for the coming week. Yield reports continue to come in very strong across the Midwest which means the crop appears to have survived the adverse weather better than feared leaving LARGE supplies.
It’s difficult to justify a rally in soybeans outside of the US getting a trade deal with China. Corn is trying to separate itself from the soy market, but is having difficulty generating any momentum given the size of this year’s crop. With early intentions for significantly more acres going to corn next spring it may be a long road ahead for both commodities. Cash prices for next fall are currently in the $3.70-3.75 range and should be viewed as a good sale for 20% of your expected production next year. Being pro-active with small sales is the best option in depressed markets with limited gains on the horizon.
Reminder that all loads delivered to Didion must be scheduled prior to delivery.
Have a Safe Day!