The markets are high, but they are also volatile. The carryout from last year?s harvest is tight, especially when you compare it to the global demand. We are only a few weeks away from the start of harvest here in Iowa. It won?t be long before we hopefully are filling up our bins. The question is, are you still storing grain from last year? Are you planning to sell that soon? You may want to consider that sooner rather than later.
If you listen to our Basis Matters report from today, you will hear me talk about the decline in the number of elevator bids we are seeing on soybeans. The number has declined a little bit each day. When I visited with Jim McCormick of AgMarket.Net on Wednesday?s Opening market Podcast, he talked about the fact that contracts are starting to get wrapped up for these elevators.
On Friday?s Opening Market Podcast, AgMarket.Net?s Matt Bennett says, for the most part, that the supply of old crop is pretty well exhausted. However, if you are holding on to some product, elevators won?t be pressed to offer a premium as the season winds down. He expects a lot to change as harvest gears up.
Bennett says the differences between the corn and soybean markets are two totally different stories. He discusses how plant shutdowns were fashionable this year. He runs down what could be happening in Iowa.
You can learn more about their services and insights, log on to AgMarket.Net.
