Because of the Columbus Day holiday on Monday, the USDA will release crop progress numbers a day later than usual. The report will come out Tuesday at 3 p.m. Matt Bennett with AgMarket.Net recently talked with Mike Adams on Adams on Agriculture. Bennett said conditions have been variable in his area but the weekend winter storm in the Dakotas is expected to skew those crop progress numbers.
Timing and quality are two factors that will play the market heading out of this winter storm. Bennett says the bottom line is not much production is coming out of the Dakotas with the less than ideal weather. “You have to ask yourself what is the timing of those bushels coming to market and what’s the quality going to be.”
Bennett pointed out saturated areas in his region are struggling especially flat black ground where runoff was unable to drain. But areas where water was able to drain, both corn and beans are seeing some pretty good yields. “They’re pretty decent yields, I’ve heard of a couple of 220’s and folks getting 70 bushel beans.” He says that 70 bushel beans is a disappointment compared to year’s past 80+ bushel beans. “It’s been a bit of a struggle and a little bit of a challenge but the yields are in a complete train wreck.”
Bennett does not see wildly higher prices but does see the potential for $10 beans. He says he would not have guest those prices a year ago but considering the volatile weather in the U.S. and South American he says there is potential. .