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It’s been a volatile few months to say the least. The conflict/war in the Middle East has given the speculators all the ammo they need to run up the price of about everything imaginable. We’ve also been given the chance to make catch up sales on old crop bushels and sales for this year’s crop. USDA is still guessing we’ll have over 2.0 billion bushels of corn left over and 340 million bushels of beans remaining come Sept 1st. Plenty of supply to go around. Corn exports may be larger than expected, so we could see a slight reduction in the overall corn carryout. China says they’ll buy ag products but that may or may not include additional soybeans during this marketing year. Bean processors are making bank and running their plants at full throttle. Producers have sold a lot of beans the past 6 months. In my opinion the producer still has a lot of corn to move. Some of those bushels have already been hedged (HTA’s), so it wouldn’t surprise me if we start seeing basis soften over the next 45 days. The rain last weekend was really needed. 2.4” at the scale in town. Bring on the heat!! Office will be closed Monday for Memorial Day. I’d like to thank all of our military members and veterans for the sacrifices they have made to keep us safe. Have a great weekend! |
