Even while we talk of the prospect of acres changing from corn to beans, in reality, the farmers have already ordered seed and made that decision.
Grain prices have slowly worked higher on the Chicago Board of Trade, but it remains to be seen if we can continue to firm up prices.
Corn has gotten back toward the top of the trading range it has been in for the last two months, but that is about it.
The long MLK weekend seemed to be an excuse for soybean speculators to rethink the bullishness that came out of the Jan. 10th USDA reports.
For the last couple of weeks I have been saying that only the March Planting Intentions Report from USDA can help this market. My idea has been that I don’t see bullish news anywhere on the horizon. But, I do think that farmers will like $13 soybeans better than $4 corn.
Grain market traders got evened up ahead of today’s USDA report.
Once again we can talk about the harvest low, except that we have to worry that the actual low is not in, and may not be seen until anticipation of the January Inventory Report by USDA.
The EPA is proposing a cut in what we refer to as the “ethanol mandate.” Although this is still a proposal, it hit the market like law.
The corn yields are surprising, and staying huge as the harvest goes on. Everyone’s waiting for USDA’s report Nov. 8.
One axiom in the grade trade is that big crops keep getting bigger. This does not necessarily mean that the crop improves, but that the reporting of the estimates of ultimate crop size changes. That is, each successive crop estimate gets bigger until we get to the January Inventory Report and the final reality puts […]