Farm markets

Farmers’ markets envision congressional $ 5,000 billion bill, analyst says

The markets are on hold, trying to see what will happen with government policy this week as the US Congress votes on $ 5,000 billion in new spending bills.

To put that in perspective, the total US GDP is around $ 23 trillion. So the United States is proposing to spend 20% of the annual productivity of the world’s largest economy this week. Is anyone already alarmed? It spends 20% of all American productivity (not tax revenues, all production of the American population) in a week!

By the way, there is more news in agriculture this week – the weather still matters too. The weather forecast is wetter today, with above normal precipitation forecast next week in the southern half of the United States, and above normal in the Corn Belt during days 8-14. This is a big change from the previously forecast hot / dry weather. The weather forecast is still above normal, but wetter which is a more bullish forecast than before. Thus, the weather becomes more bullish, as it will create difficulties with the harvest. But for the most part, the crops are drying much faster than normal and the harvest is well ahead of normal at this point.

Everyone, please have a safe and successful harvest as the harvest heats up in the Midwest this week. We harvested 18% corn as of 09/26 (3% ahead of normal) and 16% harvested soybeans (also 3% ahead). Harvest conditions are stable this week with 58% G / E soybeans and 59% G / E corn.

The Pro Ag yield model for corn is 177 bushels / acre (vs. 176.3 USDA) and 49.1 bushels for soybeans (vs. 50.6 USDA). It appears soybean yields may need to be reduced, while USDA corn yield estimates may be on target. Now we will see that the lie detectors (the combines) are in the fields – the crop is what is in the combine’s hopper! Now it’s just a matter of figuring out what it is.

++++++++++++++++++++++++++++++++++++++++++++++++++ + +++++++++++++++++
Saturday morning webinar

Watch our Saturday webinar at 7:00 a.m. on www.progressiveag.com/videos . This week’s 10 minute topic is “Inflation”.
++++++++++++++++++++++++++++++++++++++++++++++++++ + +
Ray is President of Progressive Ag Marketing, Inc., one of the nation’s top marketing companies. See http://www.progressiveag.com for rankings and links to data from Top Producer Magazine and Agweb.com.

This material was prepared by a sales representative or agent of Progressive Ag Marketing, Inc. and is, or is in the nature of a solicitation. This document is not a research report prepared by the research department of Progressive Ag Marketing. By accepting this communication, you acknowledge that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you do not rely on or rely solely on this communication in making trading decisions.

DISTRIBUTION IN CERTAIN JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION MUST INFORM INDIRECTLY AND RESPECT ANY PROHIBITIONS OR RESTRICTIONS. AS YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, MARKET COMMENT IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.

The risk of loss in trading futures and / or options is substantial and every investor and / or trader should consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical testing of strategies, is no guarantee of future results. Trading advice is based on information from trading and statistical services and other sources that Progressive Ag Marketing considers reliable. We do not warrant that this information is accurate or complete and should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable transactions.