Policy, trade, taxes highlight Farm Futures Business Summit A special edition of the Around Farm Progress podcast offers a sneak peek, or listen, to key speakers on tap for the in-person event
Suggested Event
Jun 15, 2021 to Jun 17, 2021
Policy, trade, and taxes can impact your farm, but having the right insight can help you make targeted decisions for the future. And these are hot topics at the upcoming Farm Futures Business Summit in Iowa City, Iowa June 16 and 17. In this special edition of the Around Farm Progress Podcast, Mike Wilson, editor, Farm Futures, chats with three speakers for the upcoming event.
Jun 15, 2021 to Jun 17, 2021
(Editor’s note: Darren will take part in a grain market outlook panel discussion at the upcoming Farm Futures Business Summit, June 16-17, in Iowa City.
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Many farm leaders say that marketing their crop is one of the most challenging things they do – and it’s true that grain marketing can be a tough part of the job. In all types of markets, thoughts of uncertainty about what may happen – and sometimes even anxiety or fear – are common.
When we’re in a volatile market like 2021 has proven to be so far, those feelings can be multiplied in an exponential way. Depending on factors like how you typically approach marketing plans, decision-making and your personality type, you might find you’re more inclined to make moves or simply freeze with indecision.
Soybeans and what also spill into the red Tuesday
Corn prices were hammered Tuesday amid a major round of technical selling partly spurred by yield-friendly weather forecasts and a slowdown in Chinese purchases. Nearby contracts tumbled 5.5% lower by the close. Spillover weakness negatively affected soybean and wheat prices, too. Soybeans finished down nearly 0.7%, while some wheat contracts dropped as much as 1.7% today.
Most of the Corn Belt should gather 1” or more additional rainfall between Wednesday and Saturday, with some areas getting as much as 2” during this time, per the latest 72-hour cumulative precipitation map from NOAA. Seasonally wet weather is also predicted across the central U.S. in NOAA’s latest 8-to-14-day outlook. Warmer-than-normal temperatures are also likely for the Northern Plains and upper Midwest for the first week of June.
Corn, soybeans and wheat all trend lower to start the week
Mostly favorable weather forecasts and fading export inspection volume was enough to push grain prices into the red Monday. Corn and soybean losses were minimal, with most contracts only losing about 0.25% today. Wheat prices were hit much harder, in contrast, tumbling as much as 2% lower in a sometimes choppy session.
Plenty more rain should make its way through the central U.S. between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. Parts of Missouri, Kansas, Nebraska and Iowa could gather another 1.5” or more during this time. Near-normal conditions are likely further out, according to NOAA’s latest 8-to-14-day outlook, which covers May 31 through June 6. Seasonally warm weather is also likely for the Northern Plains and upper Midwest next week.