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ISU economist not expecting August volatility in the grain markets
An ag economist does not expect much market movement this month.
Chad Hart with Iowa State University Extension says the corn and soybean markets have consolidated around the lower end of the trading range since the June 30th planting report.
“I’m not expecting that to really move too much over the next month. I think the next big move is probably September.”
He tells Brownfield that’s because USDA now waits until September to utilize in-field data points in its objective yield survey.
“So we’re less likely to see fireworks in August because USDA signaled with the July report that they weren’t seeing enough weather-wise to make an adjustment in yield. And I’m wondering if we won’t get the same sort of story as we move through August.”
USDA’s latest supply and demand report comes out August 12th, and Hart predicts U.S. production estimates will hold steady.
Brownfield spoke to Hart at the ISU Field Extension Education Laboratory near Boone Friday.
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