Farm markets: Working with what we currently know

June is here and it looks like we have finally got the crops planted. USDA reports 97 percent of the corn is planted and 78 percent of soybeans compared to 97 percent and 76 percent last year.

The big difference this year is we have not had the massive flooding in early June that occurred last year.

Today (June 10), the USDA updated us with supply and demand. Corn yield was trimmed 2 bushels/acre due to late planting. Demand was also lowered due to less feed demand. Last year USDA cut 5 bushels off the yield in June only to put it all back on plus a little by harvest.

In soybeans old crop carryout is cut another 20 million bushels to 110, leaving us with a very tight supply until new crop starts coming in.

Wheat stocks continue to rise to record levels after just one year ago we were scared of running out of wheat and Minneapolis wheat futures hit $25. What is in store for the markets the rest of the summer?

For more of this column by Jim Anderson of North And.-Co., a commodities firm in Galva, see the June 18 Galva News.