It is hard to believe that September is less than a month away, quickly bringing the crop year to a close. With harvest not that far out, ag economists say it is time to take action on old crop supplies.
“We have to start thinking about selling the carry at harvest. We’ve got big carries in the corn market, big carries in the wheat market, and even big carries showing up in the soybean market. You know, the carry from November to July, the November contract, good grief, where is it? About $9.9 somewhere there today. 9.9 a bushel from November. It’s $0.60-plus higher out to July. That’ll cover your interest costs easily and throw something else in there,” said Ed Usset, with the University of Minnesota.
Usset looks back to earlier this year, saying February was likely the last rally for America’s staple crops, saying the typical spring or summer rally just never arrived.
Federal aid helps, but producers will bear most of the losses. Balance sheets may look stable, but margins remain fragile without policy support.
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Strong corn exports support prices while soybeans lag yearly pace. However, large carryover stocks limit upside despite solid yields.
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South Texas farmers say water shortages continue despite Mexico’s renewed payments under the 1944 Water Treaty.
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Red Flag Warning in effect as high winds fuel fast-moving blaze across Oklahoma, Kansas, and Texas
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Bayer’s Monsanto announces $7.25B class settlement for Roundup™ lawsuits alleging Non-Hodgkin lymphoma (NHL), covering claims over 21 years.
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