ON the 10th of September the USDA is doing an additional crop update. Most feel that it will reveal more acres of corn than was projected in June that triggered a big price run up. Below is the current futures for several commodities.
DESCRIPTION LAST CHANGE HIGH LOW
CORN September 2021 508'0 -8'2 518'2 506'6
CORN December 2021 525'4 1'4 525'4 522'6
CORN March 2022 534'4 1'2 534'4 532'0
CORN May 2022 540'0 1'2 540'0 537'4
CORN July 2022 540'0 1'4 540'0 537'4
CORN September 2022 506'4 1'6 506'4 505'4
CORN December 2022 503'0 1'4 503'0 501'6
CORN March 2023 508'4 0'0 513'0 507'0
CORN May 2023 511'6 0'6 -- --
CORN July 2023 513'0 0'2 517'6 511'6
CORN September 2023 482'2 1'0 -- --
CORN December 2023 472'4 1'0 476'2 471'4
CORN July 2024 480'6 0'6 483'0 482'2
CORN December 2024 435'4 1'4 436'0 435'0
SOYBEANS September 2021 1288'0 5'0 1288'0 1288'0
SOYBEANS November 2021 1296'6 4'6 1297'2 1288'6
SOYBEANS January 2022 1305'4 4'2 1306'0 1297'6
SOYBEANS March 2022 1310'6 3'6 1311'0 1304'2
SOYBEANS May 2022 1317'2 3'6 1317'2 1310'6
SOYBEANS July 2022 1320'2 3'0 1320'2 1314'4
SOYBEANS August 2022 1309'0 10'4 1310'0 1294'6
SOYBEANS September 2022 1279'0 0'2 1280'6 1279'0
SOYBEANS November 2022 1260'2 0'6 1260'4 1256'6
SOYBEANS January 2023 1258'0 4'4 1260'4 1257'2
SOYBEANS March 2023 1244'0 3'0 1249'0 1245'0
SOYBEANS May 2023 1241'0 2'2 1246'0 1245'4
SOYBEANS July 2023 1242'0 2'4 -- --
SOYBEANS August 2023 1235'6 2'4 -- --
SOYBEANS September 2023 1197'6 2'4 -- --
SOYBEANS November 2023 1195'0 0'6 1200'0 1193'0
SOYBEANS July 2024 1195'6 0'6 -- --
SOYBEANS November 2024 1134'0 0'6 -- --
WHEAT September 2021 718'4 4'0 718'4 718'4
WHEAT December 2021 730'6 4'4 731'0 722'6
WHEAT March 2022 741'2 3'4 741'4 734'6
WHEAT May 2022 746'2 2'6 746'4 740'2
WHEAT July 2022 716'4 1'0 717'2 712'2
WHEAT September 2022 718'6 1'0 719'2 718'2
WHEAT December 2022 722'6 -0'2 725'6 716'4
WHEAT March 2023 725'0 -0'2 725'0 721'4
WHEAT May 2023 714'2 1'2 -- --
WHEAT July 2023 695'2 6'0 695'2 692'6
WHEAT September 2023 679'2 2'4 -- --
WHEAT December 2023 694'0 5'4 -- --
WHEAT March 2024 694'0 5'4 -- --
WHEAT May 2024 694'0 5'4 -- --
WHEAT July 2024 633'4 5'4 -- --
MILK CLASS III September 2021 16.69 0.05 16.69 16.57
MILK CLASS III October 2021 16.89 0.04 16.90 16.75
MILK CLASS III November 2021 17.18 0.08 17.22 17.15

You will note that September Corn is down over a dollar a bushel and beans are as well. Wheat is holding strong as both northern US and southern Canada have significant yield drops due to drought. Too much milk yet so prices are sideways at best. Due to the big rollar coaster price range the last couple years many farmers did not price or contract and thus a lot and I mean billions of revenue has been left on the table. The prices are high enough to be profitable but for some that have 200 bushel yields losing $200 an acre on 1, 000 acres cuts into the managing of one's business. For those that watch the market, watch after the 10th to see how much things change. Several believe the corn down turn has already been factored into the prices on the board. Talked with a farmer last week and he is sitting on last year's corn yet. He does not have enough storage for both crops so he has a big decision to make and if he waits another week or two it may cost him $75,000 to try and get a nickel more per bushel.

Bryce

I heard a few weeks ago on the XM Rural channel, that of the 28 crops that USDA tracks, every commodity price was up this year. Am I correct? Is any crop down?

I know seed, fertilizer, chemicals, and fuel are up, as well as equipment. Hope you farming guys have a good year.

My uncle is now delivering his corn and has given up a dollar just because he was too stubborn to sell it before. I got a quote on 32% UAN at .60 a unit that’s not a real money making opportunity, I’m looking at raising oats at least they don’t take as much for inputs.

Wow oil prices are not that high that N should be that costly. With typical input costs for corn around $3 per bushel plus or minus and then add in land costs which in many cases are $1 to $2 per bushel, there is not a lot of profit in $5 corn even at 180 bushel per acre!

This year there will be some nice profits and for those that sold a lot of last year's corn this spring and early summer times will be good, but with those kind of costs in the future margins will be narrow again.

Bryce

Most of it is Koch they want their cut.

Anhydrous Ammonia was recently priced at .44 per unit of N. We are set up to use it and it seems to be the most economical corn fertilizer ( for N anyway ). Is it the best source as far as plant availability? Debatable, but pleased with our yields.

We are 50% sold on our current crop of corn, and about 40% sold on soybeans. Spring delivery gets best basis for our local feed mills (chicken industry gets our corn).

Thanks for the updates Bryce, always interested in your posts.

John

I just bought a semi load at $.60 with nitrogen stabilizer it comes to $.64. Need another load or two so I’m puckered up.

Thanks for posting, Bryce. I understand corn is down in price locally. That makes me happy.

$6.10 for wheat. $5.65 for corn Broadway,VA.