As summer quickly approaches, the corn and soybean crops are looking really well throughout the entire area. The weather during planting season for both crops was dry, which led to the crops being put in at a rapid pace. It made field work nice, but as the planters were backed into the shed, the once appreciated drier weather started to become a concern. However, in recent weeks we have seen beneficial rains as has the bulk of the Midwest. The has led the USDA to give a whopping 79% good to excellent rating right out of the gate. Beans came out with a 75% good to excellent rating, as well.
The markets have responded to the successful start tot he new crop in a downward trend. Other factors have weighed in as well, such as rocky trade negotiations with China. December corn futures have lost 43 cents since May 1st, and November beans have lost $1.19 in the same time frame. Using those numbers that is roughly 60 dollars and acre for 50 bushel beans and 150 bushel corn. Some producers have been able to use forward contracting to combat those declines.
If interested in such contracts or anything else do not hesitate to contact Consumer Oil Company of Maryville, Missouri, and ask for Sean Wonderly, Grain Department Manager. Have a safe and happy summer!