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Corn and Soybeans both going to $6?
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Posted 6/12/2019 08:03 (#7554666)
Subject: Corn and Soybeans both going to $6?

Yes I was surprised the WASDE cut the corn crop as much as they did.. However they didn't cut soybeans.

Why is anyone?  (myself included) planting soybeans?

Guys are still touching up corn.. filling in drown out spots and considering switching Soybeans to Sorghum.. if you can get the seed.  We can plant sorghum up to July 15th.

It would appear that the folks behind the WASDE want to see more switching occur.. I guess we really do not have a good idea of:

a) How much Prevent plantings
b) How many acres have/are switching to Feed Grains
c) Feed substitution.

I was surprised that they didn't add acres to Sorghum OR that they didn't cut Soybean Acres (IF) they were going to adjust the Corn balance sheet as much as they did.

They upped Corn imports.. and reduced Feed usage.. IF/when the crop gets smaller they will have to reduce demand some more.. or substitute other feeds.

I can see more wheat and sorghum substituted if conditions are right.. will it be?

Wheat harvest has not progressed very far.. we are behind.  I planted as much as I could last fall and prevented planted the rest.. Literally I planted all that I could have.

.. with the moisture.. if it's not drowned out.. ??  and we're not sure about the disease pressure..??  Nor IF it will STOP Raining long enough to get it..??  but some of the wheat crop looks pretty good..  Out west there are mountains of stored crops on the ground which if prices allow.. would allow for switching.   Given all the rain we "probably" are gonna have a low protein crop.. which would be more suited for feeding to livestock vs exporting.

Honestly.. other than the Corn balance sheet.. if you took yesterday's WASDE numbers at face value..

Still over a billion bushels of wheat and Soybean carryout..

it wasn't that friendly.

I understand and agree that there are probably more cuts to come in Future WASDE's in Corn and probably Soybeans..

I think as Exports continue to decline.. and South America takes over.. they will peel back Corn supply along with reduced Corn Exports.. but.. totally a WAG on my part.

Soybeans.. ugly.

We finally got started planting soybeans yesterday.. why?

I don't know..  Already planted too much corn..  If we have favorable weather.. cool with some moisture.. it'll be a big corn crop here this fall.

I'm not as bullish as some posters I read.. but then again we got most all of it in.. so I understand.  Wholesale switching of Soybeans to Sorghum going forward still..

Literally probably Not enough Sorghum seed to do what is being talked about..

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