Rainfall has been spread out this season, the air has been dry, and daytime temperatures favor quick drying. From here on out, much of the profit potential in crop production will depend on pricing strategies. Most grain producers ignored that advice because of the common reluctance to price grain this early in the year. Exports continue to be disappointing. Even with poor planting conditions in Minnesota, USDA ending stock projections suggest that corn prices will be similar to last year.
All news suggests that prices are going to stay depressed.
With double AMTA payments again this year and loan rate soybean prices, farmers will do O.K. even though earlier pricing action would have made this year much more profitable. Wheat has been the hardest crop to price. North American production should be way down however, prices are well buffered by the huge inventory that has been stored for 3 to 5 years at elevators. Prices should remain about where they are at unless the remainder of the wheat season is a disaster based on disease and insect outbreaks. If they show up, you should consider locking in prices.