US wheat wins, corn & soybeans sweat

Jul 08, 2024

Demand lifts wheat prices, but hot weather looms for key crops

By Farms.com

US wheat farmers have reason to celebrate after a positive day in the futures market. The price of wheat futures jumped on Friday, fueled by a confluence of favorable factors.

A weaker US dollar made American wheat more attractive to international buyers, and the arrival of a high-quality new harvest further boosted demand.

Adding to the positive sentiment, data released by the US Department of Agriculture revealed higher-than-expected wheat export sales for the upcoming marketing year. This suggests a strong global appetite for US wheat.

The outlook for other major US crops like corn and soybeans is less clear. The specter of hot and dry weather in July has cast a shadow over these crops, which require cooler temperatures and ample moisture during the crucial pollination stage. These conditions are essential for optimal yields, and their absence could lead to significant production shortfalls.

While overall trading volume remained subdued due to the recent US holiday and upcoming weekend, the price of wheat futures experienced a significant increase. September soft red winter wheat contracts closed up over 16 cents per bushel.

The price of corn and soybeans also saw modest gains, reflecting anxieties about the potential weather impact. However, these increases were smaller compared to the rise in wheat prices. Additionally, export sales data for both corn and soybeans fell short of expectations, adding to the uncertainty in these markets.

This situation underscores the inherent volatility of agricultural markets. While some crops benefit from favorable conditions and strong demand, others face potential threats from unpredictable weather patterns.

Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

We're a 6th generation family farm in southeast Iowa showing the real ups and downs of pig farming and row crop farming. No script, just the work. Subscribe and follow along.

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