Grain News: June 4, 2019 – “Weather Scare” Provides Marketing Opportunities
Another warm sunny stretch has planting progress moving forward. Seed getting into the ground has caused the markets to back up just a bit. However, there is still the opportunity to capture $4 corn for fall 2019.
The crop progress report was released yesterday 6-3-19. US corn planting is up to 67% planted which is up 9% from the previous week. The percent planting is typically 96% as this time over 5 years. Wisconsin still has a higher percent planted than Illinois and Indiana. USDA states that 46% of the corn is emerged. With the weather we should look for that number to continue to rise. Soybeans also gained acres from the previous week as 39% of the beans are planted in the US. Wheat is still looking good across the US, but weather has had bearing on the condition. So much grain can be planted in the nice days we have been seeing. A “weather scare” won’t last forever especially with the extended forecast finally reflecting summer.
Corn and wheat are down a smidge from the previous week but are still well above the lows we saw this winter. Beans are still holding a decent number and it seems like anything over $8 gets farmers excited these days. There could be only a small window on these beans as corn seed is exchanged for bean seed. The market could turn at any point and it would be a shame to miss out on over $4 corn and $8 beans for fall 2019. Check out Landmark’s Cash Bids at www.landmark.coop/cash-bids to get your local price.
There are always opportunities to help capture the market. Now is the time to work with your grain marketing specialist to see all the options Landmark has for you. As always, stay safe!