2022 In-Season Regional Market Updates: Bill Prince
August 2 update
During the past several weeks we have experienced the effects of weather on the commodity markets. We are seeing dramatic price swings based on a hot/dry forecast to a cooler/wetter forecast. It’s been a challenging time to plan and market your grain. I was recently speaking to someone who indicated they missed out on making a sale before markets closed for the day; the next day, markets prices had dropped $.50.
Bill Prince is your Market Advisor Regional Representative serving members east of the Mississippi River - Alabama, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia and Wisconsin.
Working with FBN Market Advisory provides you with a systematic approach to selling grain. Our brokerage services can assist in making decisions to protect you from falling prices and defend sales already made. We would be happy to discuss your situation if you have questions.
Conditions have greatly improved in the Eastern corn belt. In talking with a producer in Indiana, he was looking at a below average corn crop in mid-July. A series of timely rains moved through, and it looks totally different. Soybeans are looking better as well. Plants are growing taller and blooming/setting pods. However, there are pockets of less than stellar conditions and we have a few weeks of development to go.
As always, call if you have questions - scan the QR Code above or click the link to download my business card.
Below are recent soybean and corn yields estimates from FBN®.
Check out these upcoming events in our region. For more details click here.
July 21 Update
Traveling to Central Illinois I was surprised at how well the corn crop looked. I expected to see drought-stricken plants and that was not the case, that is not to say moisture isn’t welcome. Yes, it is a tale of two crops as the early planted corn is pollinating and the later planted is a couple weeks behind.
Indiana and Ohio have been struggling with a lack of moisture as noted in the crop condition scores. The recent rains have helped but producers I’ve talked with say it isn’t enough. As of this writing, scattered rain is in the forecast through early August. Soybeans have shown signs of stress as well. Most are hoping that August will bring conditions favorable to development. One producer commented that even though plants are small, there appears to be a good number of nodes.
Part of what we do as market advisors/brokers is talking with producers regarding their livestock especially cattle and how they manage the price volatility in the cattle market. FBN Crop insurance agents have Livestock Risk Protection (LRP) policy which is a federally-subsidized insurance program used to lock in a floor price for your cattle and protect against a price decline in the marketplace.
Producers need to be flexible and proactive in managing their price risk and LRP offers that opportunity. If you would like to learn more about this product and how to manage your risk, contact your local market advisor who can get you in touch with one of our experienced FBN Crop insurance agents.
Hit and miss rains have led to varying drought indications throughout the country. It's no surprise crop health throughout the region is varying so much. The below NASA Grace map provides a great visual of soil moisture inconsistencies throughout the country (white indicated normal soil moistures levels during this time of the year with colors on the red spectrum indicating drought level and blue spectrum indicating elevated soil moisture levels).
Source: NASA, https://nasagrace.unl.edu/
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