Grain Exchange – 9/9/2020
Although it is still summer, the past few days has left Wisconsin feeling like fall. With all the fall feelings it reminds us that harvest is right around the corner. Have you been selling as we see unusual season rallies?
This shortened week is full of reports. Yesterday started the week with the crop progress report. Corn and beans are both down 1% on the good to excellent rating for the US, with the national rating for corn at 61%. However, Wisconsin and other northern states are well above the national average. WI reported 78% good to excellent which is almost 10% better than last year. Beans faired a little better on the national rating; it was reported that the US is at 65% good to excellent. Again, Wisconsin is out shining all of our neighbors with a good to excellent rating at 81%.
What does this report mean for the Wisconsin farmer? Maybe there is still some hope in the futures market, however, with a huge local crop it likely means a widening on basis. Here is a chance to manage your opportunity!
The Supply and Demand (WADSE) report this comes out on Friday at 11 AM. The majority of estimations that are being released have corn and beans lowing production, yield, and harvested acres. These changes don’t appear to be super drastic in many categories except for yield. Another aspect of the report would be the demand. Although there are possibilities of the supply being smaller due to crop condition, the USDA is predicting that the demand could slightly decrease as well. Remember, these are all just estimates of how the WADSE report will go and we will have to wait until Friday to know actual results.
Market updates 9/9/20:
Corn is trading 2c higher but not quite as high as yesterday’s close. The Chicago Board of Trade saw its highest close of the summer yesterday.
Beans are also up 4c from yesterday, snow balling conditions decrease and sales are made.
Wheat is trading even so far today after seeing quite the dip yesterday.
Prior to reports it is a great idea to get open offers put into our system. When we see report changes often the CBOT rallies for only a short time. If you already have an offer you are better equipped to get the price points you are looking for. Please reach out to you local Grain Marketing Specialist to get your offers in today.