Variability key word from tour
This week’s Farm Journal Midwest Crop Tour was full of variability. This typically translates to a fall with no record yields, as initial numbers from the states showed lower corn yields and pod counts.
“As we traded throughout the week, we saw this have little effect on corn and bean prices,” explained Merrill Crowley with Crowley Commodities in Watseka.
On Friday afternoon, Farm Journal released a corn yield of 167.1 with a 13.953 billion bushel production. This compares to USDA’s August report of 14.153 and 169.5 bushels per acre. The Farm Journal tour had soybeans at 4.331 billion bushels with a yield of 48.5. The USDA report showed 4.381 and 49.4 for soybeans.
“Come the end of the month, FC Stone will release their estimates and I think that’s about the same time for several others,” noted Crowley.
Prices on Friday were lower except wheat which was fractionally higher. Soybeans were 5-10 cents higher for the week but corn was lower. Crowley acknowledges it is depressing to look at crop prices since we didn’t have much of a chance all year to lock in anything much above $3.75.
“When you get to the times of what they call desperation, those are the times when you have opportunities come out of nowhere and provide you a place to make profitable sales.”
Crowley Commodities can be reached at 815-432-2220.