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
With 80% of the state in severe drought conditions and 16.9% of the state in extreme drought conditions, farmers in North Dakota are worried about their livelihoods. Lower snowfall and
Extended drought in North Dakota could threaten farmers this season
Dylan Sherman
BISMARCK Lower snowfall and rain this year has brought about drought conditions in North Dakota, which could be an issue for farmers in the spring.
North Dakota Agriculture Commissioner Doug Goehring said there are varying degrees of drought throughout the state.
“Central-west toward the northern part of the state is probably the most severe,” he said.
According to the latest U.S. Drought Monitor Index, 84.5% of North Dakota is dealing with a severe drought, up from 80.1% a week ago. Severe drought includes poor crop conditions, low soil moisture and low hay yields.