A young grain producer and I were recently speaking about marketing and he expressed frustration in his quest to do a good job at pricing his crops. While he does an excellent job of producing his crops on the 1,000+ acres he farms, he feels out of his league when he ventures into the world of grain marketing at the CME. I acknowledged his concerns and encouraged him to keep learning as much as he could about marketing, and to practice a degree of patience.
I explained to this producer that achieving a level of comfort and success with marketing often takes years.
US Hard Red Winter Wheat ratings are far below last year. The Kansas wheat crop condition is rated at only 38% good to excellent, down from 56% last year at this time. Oklahoma’s crop is rated 37% good to excellent, down from 63% last year at this time.
USDA raises its forecast for 2016-17 Brazilian corn output by 5 million tonnes from last month, to a whopping 91.5 million. Argentina’s crop is revised up 1 million from last month to 37.5 million tonnes. That’s a new record high for the two countries, up 34.3% from a year earlier.
—USDA monthly global crop update, released Thursday.