A wild ride for markets
Matt Bennett, co-founder of AgMarket.net, hopes producers had their seat belts buckled last week for the wild market ride.
It was an interesting run during the mostly up week for prices.
“There is no doubt South American weather is a great concern to any grain originator anywhere,” Bennett told The Central Illinois Farm Network on Friday.
Bennett said we are probably not going to run out of corn in the world but the U.S. situation is tight. Watching the basis and spreads tells Bennett originators are still nervous and this bull market is still very much intact.
“I struggle to find a lot of reasons to be super bearish.”
Things have been interesting all the way around with the dollar backing off recently and inflationary moves.
Bennett also farms in the Shelby and Moultrie County area around Lake Shelbyville. In this part of the world, every farmer is running pretty hard with plenty of fieldwork completed after Easter.
“The field conditions have been good all along,” Bennett noted.
When field conditions are this good, it is really hard for farmers not to run even with some occasional threats of cool, wet weather. Trying to figure out the weather can be extremely frustrating at times.
“Most of our beans are in the ground and we are planting corn right now,” Bennett explained. “To be honest, we don’t know whether we are making a mistake or doing the right thing.”
AgMarket.net does business all across the country. Bennett was our guest on Friday’s CIFN Midday Market Update with the video posted to www.centralillinoisfarmnetwork.com.