The summer rally seems to be here but along with it is a drought map that keeps inching East..
Tomorrow is the July WASDE report released by the USDA. This report will give us an updated look at the estimated Supply and Demand tables on corn, beans and wheat. This report will also give us an updated look at yield which will be influenced by recent crop condition estimates. Crop conditions dropped 3% on corn to 65% G/E and dropped 2% on beans to 62% G/E in Monday afternoon’s crop progress report. As South Dakota conditions remain dry be sure to stay in touch with the recent runs in the market. Contact your local Grain marketing specialist today if you are interested in locking in a floor, selling into the market rally and keeping your upside open.
Worried about production this year? Be sure to keep an eye on next year’s numbers as December 18 corn futures are trading at a contract high near $4.28 Z18. November 18 beans are also trading near a contract high of $10.20 SX18, may not be a bad starting point for the 2018 marketing year.
Below is a look at the average trade estimates on yield and production for corn, beans and wheat. Let us know if you have any questions.
Couple charts to look at…
Sept corn (OC corn futures) ***40 cent move for corn in last 2.5 weeks
November futures (NC beans)***$1.40 cent move in last 2.5 weeks, broke through old highs on Monday this week
If you have any questions on programs please be sure to give your local Grain Marketing Specialist a call.