2016 Corn Belt Crop Tour: Michigan

Jul 18, 2016

Final state visited during 12-state tour

By Diego Flammini
Assistant Editor, North American Content
Farms.com

The final stop on the fifth annual 2016 U.S. Corn Belt Crop Tour was Michigan and there were some concerns when it comes to corn.

“Corn looks the worst out of any state we have seen thus far out of all of the 12 states,” Chief Commodity Strategist Moe Agostino said.

“Michigan is one of the driest states,” Agostino said. “Ohio is a close second. The corn is going to need some moisture to help it grow.”

In the fields Agostino visited, he noted lots of variability and some crops beginning to burn.

However, the current conditions appear to be helping the state’s wheat crop.

“The dry weather probably helped the wheat the most,” he said. “Farmers are in full swing harvest up here.”

The soybean crop in Michigan appears to be okay.

“I think the beans come in a close second,” Agostino said, adding that vegetation growth without any pods concerns him.

Due to the dryness in Michigan, Agostino ranked it the worst out of the states he’s visited.

“I’m going to have to go with a 5/5.5 out of 10 for the state of Michigan."

Did you miss a state along the way? Be sure to go back and check out all the state videos and farmer interviews for first-hand accounts of what’s happening on local farms.

Use the hashtag #cornbelt16 to follow the tour on social media and don’t forget to register for the Ontario End of Tour Penta Event. It takes place on July 26 at the Penta Tillage Plant in Glencoe, Ontario from 2 p.m. – 8 p.m.

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!