June 28, 2016
Producer Marketing Manager
Markets are running higher this morning…….
CORN: As of 7:45 – UP 10
Uncertain weather forecasts have the markets higher this morning. Crop conditions out yesterday had Corn Good/Excellent ratings unchanged, but some notable states did see ratings drop, including the Dakotas, KS, MO, IL. Improvements in conditions were seen in MN, IN, and OH. The 7 day precip forecast still has heavy precip for KS and MO.
SOYBEANS: As of 7:45 – UP 27
Nationwide Soybean conditions were lower in yesterday’s report. Most all soybean producing states seen declines in G/E ratings with the exception of IN, OH, and NE. With this morning’s pricing taken into account, the 2016 corn/bean ratio is at 2.8 which is the highest it has been…….will this get more double crop beans in KS, MO, and other states planted than planned??? Especially with the moisture they look to receive this week?
WHEAT: As of 7:45 – UP 8
Spring wheat conditions dropped as expected yesterday with SD seeing the largest drop at 10%. Nationwide we dropped 4%. Winter wheat harvest is rolling along at 45% complete on a nationwide level, which is just ahead of average. It was a good week for harvest as we gained 20 percentage points.