It is hard to be a poor-producing state in a good year.
Even as producers are digging in their marketing heels, the market is actually giving back some of the gains we have seen over the last month and a half.
The rainy weather that has plagued farmers since the middle of May took a breather the last few days. Three or four days of sunshine and warm — but not hot — weather has perked up some corn and soybean fields.
Ohio’s corn condition declined 19 percent for the second week in a row. Our fearless grain commentator, Marlin Clark, can’t remember ever seeing that before.
Heavy rains are having an impact on the grain markets.
Now is a time for hoping, and for looking at grain marketing option strategies. We can’t afford these corn and soybean prices long-term, and we have been too good at production for good prices.
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.