Grain News – Week Full of Surprises
Welcome to planting intentions and quarterly stocks report week! The market is quite ahead of this so far. The last two years we have seen a big shift to soybeans from corn. The market is indicating more corn acres (91 million acres) and less beans (86 million acres). With the weather, time will tell the true story and maybe the June 28th report will be a more of a market mover. Make sure to have offers in on both corn and beans.
Corn has been quietly moving up; a couple of cents a day add up. Make sure to be selling or offering old crop, new crop and Fall 2020. Selling at a profitable level never makes more sense than in this market environment.
Beans continue to trade all over. Exports still behind the average needed to meet the UDSA estimates. We need to pace 33.5 million metric bushels through the end of August. Typically, we export 24.5 mmb going forward for the rest of the marketing year.
Wheat continues to move up on the board. We wait to see if our crop in this area will grow with our late planting and extreme conditions. If you have wheat or are planting wheat this fall, make sure to get offers in. Wheat trades faster than beans these days.
Thursday and Friday this week will see the USA meeting with China again. USTR Lighthizer, Secretary Mnuchin and Vice Premier Liu are meeting. So, the end of the week will be full of surprises and a lot of unknowns. Make sure to have offers in and working for all crops!