The November 24th USDA weekly crop progress report (which the USDA has decided to extend indefinitely for the 2019 production) shows Wisconsin at 57% complete for corn and 82% on soybeans. Soybean exports are better than expected. Corn exports are poor as we are beginning to price more competitive. US dollar remains strong.
With the US crop inching its way to completion, more questions than answers on trade relations, and disappointing corn exports, markets need more optimistic news.
Wheat does have some strength. CBOT Sept 20 wheat futures are $5.40 as Argentina is preparing for near record wheat harvest forecasted at 19.4 million tonnes. There are some questions about this crop size given dryness in some regions. Wheat outlook has been cut in Ukraine, Russia, Canada and Australia. Hopefully the strength in wheat futures can spill over and help corn.
Adequate rains are noted in most areas of South America.
Winter storm warnings from California to New Mexico to Northern Wisconsin are in the forecast. High winds and rains for more southern areas. We are off to a slow finish for harvest.
Thank you for your business and have a safe and productive harvest.