Grain News: May 16, 2019 – Markets continue to rise!
Markets continue to rise! Wet forecasts have the markets in the green again today. Weather maps are calling for a rain system that covers the entire Midwest into early next week. While this next rain system will slow down field work, many farmers were able to at least get something in the ground this week. The longer-range forecast is calling for some ridging that will slow down precipitation and increase temperatures in the Midwest, Delta, and southern Plains.
Weekly exports were in line with expectations this morning. Old crop corn exports were at 553.3 thousand tons, while estimates were in 200-500 range. New crop corn exports were at 80.8 thousand tons, below the estimated range of 100-400 thousand tons. Soybean exports were in line with estimates at 370.9 thousand tons of old crop and 303.4 thousand tons of new crop.
US Secretary of Agriculture, Sonny Purdue, spoke this week on the relief program to benefit the American Farmer to help make up for losses caused by the tariffs. Purdue insisted that the trade war will not cause long-term harm to farmers, and that President Trump has asked him to make sure that the farmers are taken care of. Purdue says the relief package that is currently in the works will be worth $15-20 billion.
As markets finally start to give us some hope, make sure to be proactive making sales, putting in targets, and remembering your marketing plan. If we can help in any way, give us a call!
Have a great day!