The June 30 USDA report and 4th of July has come and gone already. We are on the downhill slide of summer and in most of the territory, the crops look excellent!
We got a few fireworks from the June 30 USDA report, as the report lowered corn planted acres from 97 million acres on the March intentions report to 92 million acres planted on the June report. That decrease in acres made a significant change to the corn balance sheet for 20/21 and gave us a spark in the corn market that was much needed for farmers to make some sales. The rally lasted short of two weeks and then the market turned to watching the weather, where forecasts changed from hot and dry during pollination to now being more moderate temperatures and some showers.
Soybeans on the other hand have sustained their rally for the most part. There have been good export sales to China over the last couple of weeks that has given some confidence back to the market that China might hold up their end of the Phase 1 trade deal. As we know, beans aren’t “made” until August so we will have to stay tuned to the weather forecasts to see if we will get some fireworks in the bean market yet this summer.
Enjoy the rest of summer!View News