Today is the day of the landmark USDA Planting Intentions Report. Everyone’s waiting for the noon hour release!
This time of year, market prices are on a bouncy ride.
On this St. Patrick’s Day we hope that the luck of the Irish is for better grain prices.
Maybe this is the week of the big thaw … we can only hope.
The next real grain market news does not come until the March 31 USDA Planting Intentions Report. Currently we think that the acres will be several million below the planting of last year. Now comes the guessing.
The critical numbers in the Supply and Demand Report are the carryouts. That is, what grain volume do we project to have left at the end of the marketing year?
These are hard times to make decisions, and most farmers have deferred decisions and are just storing crops for higher prices.
We knew when we had high prices that the year would come when the costs did not go down as much as the grain prices did. Now we are there, and it is ugly.
The market was closed Jan. 19 for Martin Luther King, Jr. Day, so now we have to work through the confusion of having no trading for three days.
Corn outlook: “I am not bullish, but I am friendly to the idea of new highs. We can’t have high prices without a 1 billion carryout in corn. We have to look to the new crop for help there.”