Podcast Summary
Midwest Corn Crop: Midwest corn crop is anticipated to break records in Southern Wisconsin and parts of Minnesota based on personal observations and client reports. USDA predicts near-record or record yields despite regional variations.
Learning from this conversation with Nomi Bloom from Total Farm Marketing on the Backroads of Illinois podcast is the anticipation of a record-breaking corn crop in many areas of the Midwest, including Southern Wisconsin and parts of Minnesota. Nomi, who has been observing the crops firsthand, shares her optimism about the size and quality of the harvest based on her personal observations and reports from her clients. The crop tour this week is expected to confirm the USDA's prediction of near-record or record yields, despite some variations in yield potential in different regions. Overall, the excitement surrounding this year's crop is palpable, and the potential for a bountiful harvest is looking promising.
Midwest Corn Yields: Despite decent crop sizes, Midwest corn yields may not reach full potential due to flooding, leading to stronger cash basis levels in affected regions. US harvest ending, focus shifts to South America's winter planting and geopolitical tensions.
The final yields of the corn crop in the Midwest, particularly in areas that experienced flooding earlier in the year, may not reach their full potential despite decent crop sizes. This reduction in acres could lead to stronger cash basis levels in those regions. Overall, the American farmer's ability to grow a crop under favorable summer conditions will be a key factor in determining the final yield numbers, which will impact grain marketing not just for the rest of 2024 but also into 2025. As the US harvest comes to an end, attention will shift to South America's planting and crop growth during the winter months. With ongoing geopolitical tensions and the US election, the commodities markets are expected to remain volatile. Stay informed and be prepared for any developments.
Marketing Tools, Commodity Market Updates: Producers should stay updated on marketing tools for cash and futures markets and reach out to Total Farm Marketing for guidance. Corn, soybean, sweet futures, cattle, hogs, crude oil, and Dow Jones index had recent market updates.
Producers should keep up-to-date with their marketing skills and explore various marketing tools, including those for cash market strategies and futures and options strategies. Total Farm Marketing is available to help answer any questions and provide guidance on these tools. Producers can reach out by calling 800-334.9779 or visiting totalfarmmarketing.com. In today's commodity market update on Back Roads of Illinois, corn futures increased by 8 to 9 cents, soybean futures rose by 10 to 9 cents, sweet futures went up by 7 to 9 cents, cattle futures declined by 8 to 10 cents, lean hogs were up by 8 to 7 cents, crude oil gained 2 to 4 cents per barrel, and the Dow Jones index added 8 points. Stay informed about the latest market updates and marketing strategies by tuning in to Back Roads of Illinois.