By Jon Scheve, Superior Feed Ingredients, LLC
May corn prices blew past $6, and then a few days later $6.50. Additionally, May futures gained on July futures by almost 10 cents this last week, which is huge, because in a normal week in a normal year a 1-cent move on that spread in a weeks’ time would be a big deal. Basis values across the US also increased another 5 cents this week. These are clear indications that the market is begging for corn and is unable to find it.
How much corn is left to sell by farmers?
The last USDA WASDE report showed on-farm cash corn prices unchanged at $4.30 from the March report, suggesting most farmers already priced the majority of their 2020 crop at lower values compared to today’s prices. Plus, elevator mangers across the Midwest are telling me that a lot of corn was sold around $4 futures and then most farmers sold another big portion of their production again in November when prices hit $4.50. When corn shockingly hit $5.50 last month, a f
The need for rainfall grows as California experiences its third driest year dating back to 1895. Author: Tracy Humphrey (ABC10) Updated: 10:04 PM PST January 9, 2021
SACRAMENTO, Calif The calendar year 2020 was California s third driest, with records going back to 1895.
Just take a look at the following graphic, Statewide Precipitation Ranks, ranks 2020 along with all other years dating back to 1895. It shows California receiving its 3rd driest year on record. The graphic also characterizes the state s yearly precipitation for 2020 as Much Below Average.
The Drought Monitor Index shows the drastic difference between the first week of January 2020 vs. January 2021.
People might remember it was a lot wetter at this time last year. 2019 was a year with plenty of rainfall and it set the state up for a wonderful start to 2020.