Grain markets continue to trade sideways as farmers balance old crop inventory with new crop pricing decisions. Total Farm Marketing Senior Market Advisor Bryan Doherty says consistent farmer selling has kept corn locked in a range, but there are encouraging signs for new crop. “What we’re seeing is that farmer selling is pretty light on the setbacks, but farmer selling is consistent, more so this year than other years, because farmers have a lot of unpriced corn.” Ample supplies continue to limit rallies, but there is room for optimism. “Two record crops in a row of Safrina corn out of Brazil, two record crops in the U.S. and yet we’re seeing vibrant demand and demand responds to low prices, so that’s the good news.” Doherty says most farmers still appear inclined to plant corn unless soybeans see a significant rally, adding that recent policy-driven volatility has been short-lived as markets quickly stabilized.
