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Wednesday, May 24, 2017

Crop Progress & June Acreage Could be Really Bearish

ifr170522–138
VOICER
Crop Progress & June Acreage Could be Really Bearish
Todd Hubbs, Agricultural Economist - University of Illinois

There is a rule of thumb for marketing that says “Consider the crop year normal until that is no longer the case.” Yesterday’s USDA Weekly Crop Progress report - despite the rainy weather - tells us the nation’s farmers are on pace this season. They’ve planted 84% of the corn crop and 53% of the soybeans. For University of Illinois Agricultural Economist Todd Hubbs this suggests, at a minimum, farmers need to really think about making new crop soybean sales prior to the USDA’s June 30th Acreage Report.

Hubbs :44 …could be really bearish soybean prices.

Hubbs writes about commodity prices each week for the University of Illinois. Those articles are posted to the farm-doc-daily website each Monday.