Grain prices have steadily declined over the last month since the last report. Estimated yields and acres dropped but not enough to help prices. Hopefully you were able to capture prices on the higher end while it was available.
Looking forward it will be beneficial to watch prices for 2020 new crop if the numbers were at all accurate. The US sold a large amount of beans to Mexico but it is less than the market would like to be sold for new crop. I feel that yields will be low and we could see a spike come harvest. Also, the US and China have agreed to have “big meetings” come early October which may help drive some prices come harvest. I think it would be beneficial to be proactive instead of reactive but this year has been different all around so I think patience will be a virtue this year.
Long Term Storage Agreement Listing: a local farmer has listed the reminder of their long term storage agreement, better known as condo storage. If you have an interest in purchasing this click here to see listing or contact Mary Kay for more details. They are listing a price for just this one year or for the remaining 12 years.
Written by Michael Steingraber, CHS Grain Originator