View from the Cab: Market Watching
This is a time of the year when many farmers are closely watching the markets.
The United States Department of Agriculture just released its March Supply and Demand Report last Thursday and we anxiously await the Planting Intentions report at the end of the month.
Dad and I heard all about the markets during last week’s All Day Ag Outlook Meeting at the Beef House in Covington, Indiana from Illinois Public Media. In addition to chowing down on tasty rolls and meaty cheeseburgers, we heard from a number of market analysts who shared outlooks on the coming year.
Chuck Shelby of Risk Management Commodities said most producers sold more soybeans since prices have been more profitable. Many are holding on to corn.
“A lot of guys would like to see those higher prices to take advantage of,” Shelby said.
If you need some money for cash flow, Shelby believes we have an opportunity to get better prices than originally thought. There is a time window currently to get some grain moved before planting.
Matt Bennett with Bennett Consulting encourages producers to think of opportunities to get help with freight in April and May since there are times in the year when the pipeline starts to shrink.
“I do think futures have a shot to see higher prices once we get into the growing season,” Bennett explained.
Aaron Curtis of MIDCO sees a “tremendous” Brazilian crop at this point. He expects more downside potential for soybeans as we move forward throughout the crop year. A repeat of an El Nino weather pattern could continue to keep prices volatile.
You can hear all about the markets and get an outlook for 2017 during the Central Illinois Farm Network’s Ag Outlook Meeting at Gig’s Place in downtown Fairbury on Tuesday, March 28 starting at 6 p.m. with a free dinner. We will hear from Merrill Crowley, Wayne Nelson and Aaron Curtis. To reserve your spot for the event, call 217-530-3107 or e-mail firstname.lastname@example.org.
The View from the Cab blog is powered each week by Petersen Chevrolet-Buick in Fairbury.