In its quarterly update, Farmer Mac offers cautious optimism for the corn market. Compared to last year, this report says there are 1.5 million more animals on feed this year. Ethanol demand is also expected to promote corn usage. Regarding soybeans, Farmer Mac says the prices are down with a big crop and trade disruptions with China. However, the report says soybean farmers will receive $3.6 billion from USDA’s Market Facilitation Program in early 2019. Large beef supplies and an uncertain export picture are cited as a concern for cattle producers.
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