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Happy May Day! Feels like we are having a spring this year. Damp and cool. Seems to be cooler than in past years. Last week’s rain (3.15”) will go a long way to get this year’s corn and soybean crop off to a good start. We should get the balance of the crop planted in a timely matter in the coming weeks. Haven’t been able row any early planted corn or beans. Shouldn’t be long. Our normal corn/bean acre rotation should not be affected by the short-term weather forecast. Next week’s weather looks great. We haven’t seen any grain quality issues this spring. Not having to dry many bushels or none has helped. But don’t forget about checking your grain bins. Even your bean bins. It’s easy for a crust to form in a bean bin if the peak hasn’t been removed. Grain bids have switched over vs the July Futures. Basis values have been somewhat firm. I would expect bean basis to get weak this summer. Corn futures are trading in the lower end of the range. Beans are trading in the middle of the range from the last 3 months. Current corn and bean carryout numbers are more than enough to get us into the new marketing year. SA production is large. Ethanol production is humming along. Corn exports are currently ahead of what’s need to reach the USDA guess. Both corn and bean exports are ahead of last year at this time. The USDA next guess comes out at 11:00 am on Monday May 12th. Mother’s Day is Sunday May 11th. Bob |
