Yield decrease could boost prices
In order for crop prices to move higher during the upcoming harvest season, the corn yield needs to decrease. For soybeans, demand is the big factor.
“If the soybean exports are going to be down 200 million, then I certainly think we could ship 125 million more bushels of corn,” said Merrill Crowley with Midwest Market Solutions.
Trade with China is at the forefront of everyone’s mind lately and Crowley reminds producers that anything can happen at any time. Due to an earlier than usual harvest, the USDA will actually have more actual yield data to work with than normal for the September USDA report.
When driving from Kankakee to Eureka last week, Crowley noticed several soybean fields which need rain. If those crops don’t receive the rain, they could be in trouble.
“With corn, it depends on who you talk to – one guy will say it’s dying and the other guy says it’s time for it to mature with the growing degree days,” Crowley added.
Crowley can be reached at his office in Watseka: 815-432-2220.