Corn Belt States Have Below-Average Corn Ratings
Nebraska, North Dakota were exception in this week's crop progress report
Nebraska, North Dakota Corn Belt States have Above-Average Corn Ratings
USDA’s weekly progress report showed a marginal improvement for U.S. corn conditions for the U.S.
Among Corn Belt states, conditions remain below average except for Nebraska and North Dakota.
Cooler-than-normal conditions moving forward could stabilize yields despite the poor start the planting season.
Silking was at 58%, six days behind the median.
What It Means for the U.S. Farmer: At FBN, we believe there still is upside pricing opportunity despite the stabilized conditions. Production uncertainty remains present for the U.S. Stocks are forecast to decline, year-over-year.
Soybean Inspections Strong, Primarily to China
Weekly soybean inspections were strong at 38 million bushels.
Of that total, about 23 million bushels were destined for China, leaving about 214 million bushels still outstanding for old-crop.
Market chatter is that China will remain interested in U.S. soybeans, but FBN believes this is more for good measure rather than actual need of U.S. soybeans.
What It Means for the U.S. Farmer: At FBN, we believe that while the remaining tonnage of outstanding sales could be shipped to China before the start of the new-crop marketing year, it would be an unusual pattern. Some of the sales likely will roll over to 2019/20 with risk being that USDA could add to old-crop stocks in the coming month.
The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)