Grains markets were very quiet again today as everyone awaits the USDA report on Wednesday. This report is often referred to as the most important one for the year as it is the first real yield estimate and it will set the market tone going into harvest and beyond.
Financial markets were mixed today due mainly to little trading activity as the markets remain very quiet.
Favorable weather and growing conditions throughout most of the US has the markets pulling back on expectations of better than average yield potential in this upcoming report.
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The US dollar gained 1/4 cent today and the Canadian dollar finished down.0060 points closing at .9178 US.
The Dow Jones Sept quote closed down 32 points at 9293.
Crude oil was mixed today with nearby futures trading up .33 to close at $70.60 a barrel US and forward months down $.10 to $.60 a barrel.
Corn closed up 2 to 4 cents a bushel today.
Beans ended down 14 cents a bushel to 29 cents a bushel today.
Wheat closed mixed, from up 5 cents a bushel to down 1 cents a bushel on the various US exchanges.
Minneapolis Sept wheat futures closed up 1.6 cents a bushel today.
Canola finished up slightly with gains of $.80 a tonne to $.90 a tonne today.
Barley closed up $1.70 a tonne at $139.80 a tonne.
If this weather continues to stay cool and wet, then crop maturity and frost are going to be a real concern.
Desiccation to speed up maturity is an option that may need to be looked at very seriously this year if we don’t start to get some heat soon to push crops to ripen sooner than later.
Talk to a local agronomist to see what your options are for your crops and what the costs, savings and benefits of desiccating are so you are prepared before it is too late.
I would suspect there will be lots being done this fall, so booking a sprayer may become an issue as the fall season approaches.
It could save you a lot of time, money and grief.
