Grain Exchange – New Month, New School Year
Welcome to September and the start of a new school year! Thank you, Hurricane Dorian, for helping place a ridge with higher temperatures in the Midwest; getting us very close to maturity. The USDA will come out their updated production on September 12th.
Corn ratings are expected to improve this afternoon, with rain moving thru the Midwest. Brazil reported 7.65 million metric tons (mmt) were exported in August, new record amount. South America corn values continue to dominate the export market.
Soybeans are quiet on export markets all around. Brazil only shipped 5.3 mmt vs last year at 8.12 mmt with slowing demand from China. Trade is not looking for tariffs to change until late 2020. Chinese goods get higher tariffs this week. Weather is playing to a good crop of beans. Privates are leaning towards the projection that USDA August production numbers will be right in line.
Wheat in the EU is to be better than expected at 142.7 mmt from 141.3 mmt last month. Harvest is putting pressure on the world prices of wheat.
Make sure to talk to us for options as we get closer to harvest and look past this fall into Spring 2020 and beyond. As you meet with your seed/agronomy people and talk 2020 crop, we are ready to make marketing plans for you.
Have a great day!