Yet another market moving WADSE report was released yesterday. The beans had the most drastic changes. Yield went up from 50.6 bushels per acre to 51.5 bushels per acre for the national average. This was a highly expected yield increase, especially as Wisconsinites are flying through harvest. Most farmers I am talking to have said their bean yields have been better than expected. The surprising section of the report was the ending stocks. The stocks went from 185 to 320 million bushels. After seeing the 135-million-bushel change, the market, which was already sliding, had a huge drop. From last Friday we have seen the bean price drop over 60 cents. Corn also had some changes, however not as extreme as the beans. Yield moved 0.20 bushel, putting the national average at 176.5, which slightly raised the ending stocks to 1.5 billion bushels. Corn has moved below the $5.00 mark in all of our ALCIVIA locations. On the positive side, wheat production and ending stocks are still lower than the previous September report. With where the wheat price is and most of the beans coming off earlier than normal, I foresee many Wisconsin farmers planting wheat this year. I have already seen wheat sown in places where I know there hasn’t been wheat in 10+ years! With that being said, it is also a great time to start looking at forward contract 2022 wheat.
Although the WADSE report was a bit of a disappointment, I just want to remind you of the exciting harvest we are having! The U.S. farmers are getting the crop off rapidly this year. Crop progress report released that the nation is 41% completed with harvest on corn, 10% ahead of the national average. Bean harvest is also ahead of the 5-year national average at 49% completed. Now if the rain and humidity would subside, we could finish the bean harvest.
As you try to navigate through all the reports this week, remember to focus on your farm and what brings profit to your operation. Is almost $5 corn still making money? Do $11.00 beans give you enough to buy fall fertilizer? Please reach out to your Grain Marketing Specialist if there is anything we can do to help ensure you are capitalizing on the opportunity the market is still providing.
Have a great day!