Grain Exchange – 8/25/2020
Future markets are bullish due to the decrease in the USDA crop progress ratings and the Chinese commitment to complete Phase 1 of the trade deal. China staying devoted to the trade deal by purchasing U.S. agricultural products has helped the U.S. corn and soybean prices rise. The USDA has reported that corn conditions are at 64% good to excellent which is down 5% from last week. There continues to be damage found from the storm in Iowa. The Iowa corn crop condition proceeds to decrease, at the start of this week it is down 9%, the rating is it at 50% good to excellent. USDA reported U.S. soybean conditions down 3% to 69% for this week.
Wisconsin continues to see a healthy crop as USDA ratings drop. Wisconsin corn fell 3% moving to 81% good to excellent. Eighty percent of the corn crop is at the dough stage which is 25 days ahead of last year. Twenty-four percent of the crop has started to dent which is 12 days ahead of last year. Wisconsin soybeans experienced a drop of 3% down to 82% good to excellent. Ninety-three percent of the soybean crop has started setting pods which is more than 4 weeks ahead of last year.
The statics are showing for an early harvest which many are hoping for after last year’s misery. Farmers are starting to prepare equipment for fall harvest with a focus to successfully get a quality crop out of the field. With having that one goal in mind, do not forget about other tools that can reduce stress this season. Landmark offers our customers access to an online portal where they can track grain contract information. This online website gives the grower information of what contracts they have and how much of the contract has been filled. This tool can be used when waiting on the combine or the semi. It gives you quality information at your figure tips. Ask your originator how to access this tool.
Markets are up today, meaning it is a great opportunity to market your grain.
Have a great week.