Major Crop Report Released - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Major Crop Report Released

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Many farmers have been anxiously awaiting the release of a very important crop report.
The USDA October Report is always a major player in determining which commodity markets will go up or down.
Due to a government shutdown, the report was never released---which makes the November report even more important.
Ag Reporter Sarah Gustin has the story.

A report that was expected to be painful to the commodity markets---actually didn't shake things up that much.
(Eugene Graner / Heartland Investor Services) "The number that came out, when you consider the dire thoughts how bad some people were thinking how bad it could be as far as increased production, became basically a yawn. They were as bad as expected which is why we have seen a rally in soybeans since the report as well as corn."
Graner has been in the grain trading business for 26 years.
And he says while the numbers didn't have a major impact on the markets, it's not time to sell just yet.
(Eugene Graner / Heartland Investor Services) "The reality of storage is king right now. if you didn't make your sales earlier in the year or last year when prices were substantially better. now is not the season for selling. Now is the season for storing. But upside potential is not massive. It's either going to be made, in the selling of deferring contracts and waiting for the improved price, along with the improved basis."
The USDA projections for Corn production only changed 1 percent from the pervious forecast.
And soybean production was up 3 percent from the last forecast.
Changes that aren't much, compared to what some were expecting.
But Graner says prices aren't going to be what farmers have been seeing the last 5 years.
(Eugene Graner / Heartland Investor Services) "The board is going to have a hard time going over 5 dollars, old crop anytime soon, unless there's a South American crop problem."
Graner says it could take a crashing U.S. dollar to change the direction some prices have been heading.
(Eugene Graner / Heartland Investor Services) "Here's the problem. You don't want high grain prices because of a crashing dollar because you are still broke. Everything you buy is just that much more expensive. Rents go up, fertilizers go up, you don't want to experience that, but unfortunately that is something that I see in the future. Is that a crashing U.S. dollar is going to cause the grain prices to rally and you really aren't winning."

Currently Brazil is on track to produce its largest soybean crop ever, at roughly 90 million tons. 


 

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