Farm operators are reminded that the major USDA August Crop Report comes out on Friday, August 12. It is good to review current corn and soybean market positions for the 2005 crop, as well as for any remaining 2004 grain inventory, prior to the USDA Crop Report. The August Report will probably guide market trends for the next few months, until we have some actual 2005 corn and soybean yield results. Any producers that still have 2004 corn under CCC loan with the Farm Service Agency (FSA) will also want to pay close attention prior to the Crop Report. The “Posted County Price” (PCP) on August 8 in Minnesota was 13 cents/bushel below the County Loan Rate, so there was a pretty good incentive to release the corn under CCC loan, especially on CCC loans that mature in August or September.
Editors note: Kent Thiesse is a former University of Minnesota Extension educator and now is Vice President of MinnStar Bank, Lake Crystal, MN. You can contact him at 507-726-2137 or via e-mail at firstname.lastname@example.org.