Information about grain markets and info to help producers to market crops. See how various grain marketing strategies can effect ones average price. We will be posting various potential trade and option strategies along with marketing decisions made on our mock farms.
Friday, June 29, 2012
USDA Report Day - Morning note from Country Hedging's Joel Fitch
Below is morning note from Country Hedging's Joel Fitch
Estimates for the report are below for comparison.
The report was not that interesting. Corn acreage at
96.4 was 400k larger than the guess. Soybean acreage was 76.1 million,
which was 500k above the average guess. As I’ve been saying this number
is now the high water mark because of the weather not allowing double crop bean
acres to get planted. Spring wheat acreage was only 12 million, which is
below the 12.7 average guess. I’m a little surprised, by this, it
tightens the spring wheat market a little.
Stocks were in line with the guess on corn at 3.15
billion. Soybeans were 667 million and above the 640 average guess, which
could pressure the front end against the new crop. Q-X could see some
pressure, but the bean story is strong for both. Wheat stocks were 743
million, not much here.
And now back to weather. NE and IA are getting
scattered rain today and this system should continue over into the Eastern Corn