Grain News Updates
Tomorrow at 11am USDA will release Grain Stocks and Planted Acreage. This year the planted acreage debate is sure to continue long after the USDA gives the official number. USDA just days ago confirmed corn silage can be planted on prevent acres in the cover crop category which can be harvested after September 1st.
With the G-20 summit this week and an expected meeting between President Trump and China’s Xi the market keeps an eye on trade. Trump has indicated “it could happen, it could not”. China sold 1.3 mmt of corn out of state reserves overnight which was easily the lowest sold percent since auctions started a month ago. The International Grain Council cut its forecast on Thursday for world corn production in 2019/2020 by 23 million tones due to the diminished outlook for U.S production.
With a favorable weather pattern for the next 10 days including average precipitation and warm temps the trade is hoping for the crop to “catch up”. As there are still some very real concerns with the U.S. crop, it is still important to be aware of grain marketing “not selling is a marketing decision too”.