Grain Exchange – 6-8-2021
Volatile is the one word to describe the current grain market. Declining crop conditions are sending the grain markets higher today. USDA weekly report shows corn crop deteriorating with 72% of the corn crop rated good to excellent, a drop of 4% from last week. The heat combined with the drought continues to hurt the corn crop. China continues to be a buyer of corn.
Beans are higher with the first crop rating of the season rated the crop 67% good to excellent, trader expected 70%. Weather maps remain divided on chances of rain for the corn belt. European model has Wisconsin remaining dry through Monday. The GFS model shows a wetter forecast. Export news has been quiet.
Wheat is higher this morning as spring wheat ratings is declining. Eighty-five percent of the US winter wheat crop is headed as of June 6, two percent of the 2021 wheat crop has been harvested. That’s down from 6% a year ago compared to the five-year average of 40%.
The USDA supply and demand report comes out Thursday, June 10, at 11:00 am. The forecast is below:
These are exciting times for Countryside Landmark as we are getting closer to launching our new branding and name. Keep an eye out for when we make the announcement.
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