Corn and Beans Another Discouraging Week
It was another week when farmers were trying to figure out why corn prices have not responded to all the weather issues we have had all across the Midwest this growing season. There were about 11 million acres of Prevented Plant, but yet the USDA in the Acres Report said we still got 90 million acres of corn planted? Much of the corn crop was planted late, some even in June yet the USDA is projecting a national yield of 167 bushel an acre? Then there is the test weight issue and high moisture corn and that does not seem to matter either?
Farmers are having a hard time understanding why bean prices are not higher too. Sure, we still have the trade war with China unresolved. However, China is still buying beans from the United States. We have huge domestic demand for beans too. The monthly NOPA Crush for October at 175.4 million bushels was a record for any month. In addition there were a lot of beans in the Midwest that were planted much later than normal? I just keep thinking when will the market figure it out?