Positive report for prices?
WATSEKA – Trade and weather seem to be the main market movers currently as another USDA report looms.
Friday’s stocks and acreage numbers are due out at 11 a.m. and could be positive for prices, according to Merrill Crowley with Midwest Market Solutions.
“Where the markets are right now suggests that the swing, if it’s going to be anywhere, might be to the upside,” Crowley told The Central Illinois Farm Network this week.
Traders are keeping a close eye on the weather as the heat was originally expected to last for much of July but is now looking like only the first part of the month. As the ridge shifts west, some rains should come but if it doesn’t shift, we could be in trouble.
Crowley reports our soybean prices have fallen partly due to the trade wars and other people in the world are suffering too since they have to pay more.
“It’s not a good thing any way you look at it,” Crowley admits.
A scary fact is the amount of treasuries China holds. If they start selling them, that could push our interest rate up which would not be good for the economy.
Crowley can be reached at 815-432-2220.