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Grain News – WASDE Report Out Today; Trump Tweets “Productive Conversations”

 

There are a few news articles to catch up on today-

The new Farm Bill is finally getting presented to the House and Senate today. Hopefully there should be some resolution as it is processed as early as next week. What will this do for grain? It is said to have improvements to the major commodity programs. It also looks like there will be more incentives for conservation programs.

WASDE report comes out today at 11:00am. We will have better numbers as to what will happen in South America as they come into harvest with the drought that they have been faced with.  South America should be on your watch list. As you know, they have been very competitive in the bean market and have been helping China out in their time of need. Between the WASDE report and Trump’s morning Tweet of:

Donald J. TrumpVerified account @realDonaldTrump

Very productive conversations going on with China! Watch for some important announcements!

You could see some movement in the grain market. Call your grain originator to get an open offer in if you feel the market will reach your target price for old or new crop.

Final comment for the day, Landmark has come out with a Bushel Tracker spreadsheet where you can see fertilizer cost and grain price to create your profit. For more information call any of the other grain originators or myself to discuss how that can work for you!

 

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Grain News – Improved Basis for July

Almost all Midwest corn locations improved basis in July. Due to the hot weather in the Midwest, corn is called a few cents higher today. They are calling for Dec 18 corn resistance at 3.67 1/2. Open interest is down. Weekly exports will be delayed until Friday when the US government will also release the official import/export data for the month of May. Deliverable corn stocks are 85% higher than a year ago while soy/wheat stocks are below a year ago.  USDA also announced the sale of 137 tmt of corn to South Korea for the new crop

Beans are called steady to a few cents lower in anticipation of tomorrow’s trade tariffs. They are calling for support for Nov beans at 8.60 ½. China has stated that as soon as US tariffs on Chinese goods go into effect (Friday), their customs agency will start charging retaliatory tariffs on US goods (including beans).

Wheat is steady to higher on falling Eu and FSU production projections. Open interest was up on Tuesdays bounce. The weather looks favorable for the US wheat with the drier conditions helping winter wheat harvest.

As always, give your local Grain Specialist a call if you want to revisit your marketing plan, put open offers in or learn more about our specialty contracts.

Have a great day!

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