Grain markets are showing signs of support as farmers move into post-harvest marketing, according to Iowa State University Extension and Outreach.
In a Midday Report as aired on 104.9 KLMJ, ISU Extension Farm Management Specialist Eric Weuve says USDA reports that resumed in November trimmed yield estimates and tightened supply, which could help support prices heading into the January production report. Weuve says many farmers across Central and North Central Iowa saw yields come in lower than expected, making grain marketing especially important this year.
“A lot of people, particularly in Central Iowa and North Central Iowa, and most of the state really, probably had yields less than they had hoped or anticipated,” says Wueve. “And so now they’re trying to market those bushels for as much as they possibly can.”
Weuve says soybeans have been one of the brighter spots in the market in recent weeks.
“Soybeans really responded well to market forces, renewed talks with China, perhaps hopefully resuming their imports of U.S. soybeans, and so we’ve really seen some upward movement in soybean prices,” says Weuve.
Weuve says careful planning and close attention to market signals will remain important in the weeks ahead.
The full interview with Weuve is available for listening under our podcasts page here.
