By no means are we finished with harvest, but we have reached the home stretch as we look to be about 90% finished around the U.S. Most people have concluded their bean harvest and are winding down with their corn harvest. Over the weekend we have experienced a few delays with some rain and snow… Yes, you heard me right, snow.
Since the WASDE report came out on November 9th we have seen both corn and beans rally; Corn is up $0.25, and beans are up $0.70. For the most part, people were fairly bearish going into the report, but with the USDA pushing bean yields from 51.5 to 51.2 and decreasing U.S. exports, we actually saw an increase in ending stocks. If you have beans in the bin, don’t be afraid to start letting them go as there seems to be more downside risk than upside. On the other hand, the corn market stayed fairly neutral, but we did see a slight increase in our yields, bumping the national average to 177 bu/acre. However, we did see ending stocks decline by about 7 million with a large volume of that being the increase of corn use in ethanol. With all this being said, it’s a good time to start thinking about forward contracting for 2022.
As we continue to navigate through all the different reports thrown our way and the high input prices, I advise you to start thinking about next year and your profit per acre. If you have any questions, make sure to reach out to your Grain Marketing Specialist to help ensure you’re managing your own risk.
Have a great day!