In this file:
· 72% of U.S. corn, soybeans rated good to excellent
· Corn price rally unlikely but possible
72% of U.S. corn, soybeans rated good to excellent
By John Perkins, Brownfield
July 27, 2020
The USDA says the national good to excellent condition ratings for corn and soybeans improved last week. Parts of the U.S. experienced hotter than normal temperatures, but much of the Midwest and Plains also received much needed rainfall.
As of Sunday, 72% of U.S. corn is in good to excellent shape, up 3% on the week, with 82% of the crop silking, compared to the five-year average of 75%, and 22% at the dough making stage, compared to 17% on average.
72% of U.S. soybeans are called good to excellent, also up 3% on the week, with 76% of the crop blooming, compared to the normal rate of 72%, and 43% at the pod setting stage, compared to 36% usually in late July.
81% of winter wheat is harvested, compared to 74% a week ago and 82% on average.
70% of spring wheat is rated good to excellent, 2% more than a week ago, with 97% of the crop headed and 1% harvested, both behind the typical respective paces...
... 36% of U.S. pastures and rangelands are in good to excellent condition...
Corn price rally unlikely but possible
By Will Robinson, Brownfield
July 27, 2020
The co-founder of an ag market website says a rally in corn prices will be hard to come by.
Matt Bennett tells Brownfield while weather remains the dominant factor in setting prices, a weakening dollar will likely lead to more trade with China.
“Whether they want to do business with us or not, if we’re the cheapest market, they’re going to come to us,” he said.
The Illinois farmer says if that is the case, it will provide support for corn prices. But Bennett says it will take at least one of a few market triggers to occur for the corn price to rally…
“The Chinese have bought a ton of corn or, second of all, the dollar has continued to plummet which obviously is going to make our products really cheap on the world market,” he said. “And I guess third of all, we could add to it is this inflationary tone as we’ve watched some of these other commodities.”
Bennett says with an expected large corn crop...
more, including audio [14:19 min.]