With grain on the ground, crop prices show no sign of rebounding

Author:
Updated:
Original:

We'll learn from the USDA this week whether farmers set a record with their huge corn and soybean harvests this fall.

But a record would not produce any celebrations among growers.

Many have postponed selling their grain in hopes that low prices will improve.

Doug Schmitz, who runs four southern Minnesota grain elevators, tells Bloomberg about 80 percent of the corn and 70 percent of the soybeans in his area remain unsold. With elevators overflowing, some grain is being stored in piles on the ground.

But those higher commodity prices farmers are waiting for? Well, don't hold your breath.

Bloomberg says markets are in the midst of the most bearish crop outlook ever – and Tuesday's report detailing the oversupply of grain will not help.

https://twitter.com/jimmie_lenz/status/686298764043239425

Biggest surplus ever?

Farm Futures, like Bloomberg, did its own survey of farmers in advance of the USDA report.

Farm Futures predicts the amount of corn that was stockpiled on U.S. farms last month will be the third most on record, with soybeans breaking their record. Bloomberg anticipates both will break records.

As Farm Futures analyst Bryce Knorr puts it: "These numbers wouldn't do much to change the bearish mood of the markets."

What would do that, Knorr says, is an increase in demand.

But he says a dropoff in demand from China does not show signs of turning around and the strong dollar is stifling U.S. exports, which were also hurt by river flooding.

Next Up

MasklessJudgesinWiscoyTownship

At Wiscoy Township's sole precinct, election judges ditched masks

Voter and Wiscoy resident Kaitlyn O'Connor took a photo of the judges after asking them to wear masks, she said

paisley park

Paisley Park to open pop-up shop at Mall of America

The new store is set to open on Black Friday.

blue-and-white-sorry-we-re-closed-wooden-signage-1171386

COVID-19: Here's what Gov. Walz, Republicans are proposing to help businesses

Once they come to an agreement, Walz will call a special session to pass the legislation.

Jacob Frey

Minneapolis Mayor Jacob Frey planning to run for reelection

Frey said in a radio interview that 2020 has been a "horrible" year.

Monello

Monello, P.S. Steak will switch to sandwiches, noodles during shutdown

The Minneapolis eateries are pivoting during the closure of dine-in service.

skiing

MN ski areas will be open – but with changes – during 4-week shutdown

Some ski areas have already reopened for the season, others plan to open Thanksgiving weekend.

thanksgiving turkey

Thanksgiving foods to avoid giving to pets

The Animal Humane Society has shared its advice on keeping pets safe this Thanksgiving.

best buy

Best Buy reports massive rise in online, in-store sales

People turned to Best Buy to buy computers, home theater and appliances during the pandemic.

police tape, crime scene

Driver dies after being shot, crashing into cars in Minneapolis

The incident happened around 1:25 a.m. Tuesday.

Related