All eyes on June 30 report
BLOOMINGTON – One event everyone in the ag world will be watching next week is the USDA June 30 report on quarterly stocks and planted acreage.
“There is really no way to anticipate what is going to happen,” admits Hugh Whalen of MIDCO. “I would think we are probably going to see a big move one way or another on prices.”
Whalen does not feel the rally is ending but we are just seeing a pause. Improving weather outlooks have taken a big chunk out of corn prices but there is still a large area of dryness in the Corn Belt.
“I don’t think the weather market is over yet,” Whalen told The Central Illinois Farm Network.
Whalen suggests selling into the rallies as the market climbs and be on the alert for any more sales announcements from China.
“The market is always very sensitive to any purchases from China and it does look like they will be making more soybean purchases.”
Weather pushed corn down this week and soybeans were holding their own. Beans have been supported at least somewhat by feelings that China may come back in and buy more.
Whalen was the guest on the CIFN Midday Market Update on Tuesday, filling in for Aaron Curtis. The update is available each weekday at 12 p.m. on the “Midday Update” page of www.centralillinoisfarmnetwork.com or on the CIFN social media pages such as Facebook.