USDA’s June 8 Planting Progress report says soybean planting still lags history. This has some traders saying that all the bean acres will never be planted.
The mentality of the grain traders seems to be that we are going to have huge crops at cheap prices. This will be another marketing season for “As the Stomach Turns,” says grain merchandiser Marlin Clark.
Soybeans are poised to go below $9, and that is the lowest price in a long time. Barring a turn to poor weather, beans will get cheaper, says grain merchandiser Marlin Clark.
It is that time of the year: Weather dominates every farmer conversation and weather prospects control the thinking of every market trader.
The nation as a whole is now at 75 percent planted, versus an average of 57 percent. We added 20 percent last week in the country, and were only 55 percent planted.
Warm, dry weather helped some farmers begin planting, but prices are still low.
Except for four days of respite, grain markets have been lower almost every day since the March 31 USDA Planting Intentions Report. Ohio farmers, itching to get in wet/cold fields, can only watch prices fall.
Statistically, planting is now officially behind for the second week according to USDA Crop Progress Reports, out Monday each week.
Avian flu is one more negative working against the grain prices.
Today is the day of the landmark USDA Planting Intentions Report. Everyone’s waiting for the noon hour release!