Farmer says he’s never seen market ‘move that fast’ after USDA acreage totals
Central Nebraska farmer Randy Uhrmacher says the bullish market environment combined with the USDA acreage totals report is good news for grain and oilseed producers. “I’ve never seen the market move so fast in my life. I was watching it live and it went from somewhere around 16 lower to limit up and somebody said in 43 seconds.”
He tells Brownfield the market’s response from lower-than-expected planted area and bigger-than-expected drop in supply exceeded his expectations. “I expected either corn or soybeans to be a little on the bullish side, but I’d never expected both of them to be this bullish.”
Uhrmacher says understanding the market to manage risk in his operation is becoming more challenging. “You just kind of just look at the fundamentals of everything and kind of realize that unless there is a total train wreck someplace, these markets have good support where we were. They have a lot of upside potential if this drought continues in the north. There is just no room for hiccups this year.”
Uhrmacher said USDA’s planted acres were more than what he was expecting.