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Big in ag: Harvest & input worries
The dust is really flying in the nation's midsection this week as farmers take advantage of the dry, warmer-than-normal weather to knock a chunk out of their corn and soybean harvest.
Though corn harvest is closer to the normal pace, farmers made the greatest progress in soybeans this past week, and that trend continued this week, with more farmers in places like Iowa knocking out soybeans.
One issue some farmers are facing this fall is downed corn. Grant Kimberley's corn fell victim to a major wind storm this summer and he's taking some extra steps this fall to get as much of his crop out of the field as he can.
With such great harvest weather lately, it's sent the grain markets mostly lower this week. And, that bearish weather outlook isn't going away too soon, says Freese-Notis Weather, Inc., meteorologist Craig Solberg.
The dry, warm conditions out there that are helping move harvest along at a quick clip and the resulting lower grain markets have some farmers worried about whether that will throw off the balance sheet for input costs.
But, is the current bearish tone of the markets good for the livestock side of the industry? Mike McGinnis caught up with Iowa Secretary of Agriculture and northwest Iowa farmer Bill Northey this week and posed him that question.
What will the October 12 USDA Crop Production report do to the markets? The report that's usually quite a market-mover could see a considerable adjustment in corn and soybean harvested acreage, yield and consequently, stocks numbers.
Meanwhile, recent grain stocks numbers show that there's more corn and soybeans on hand around the U.S., and those higher numbers, as well as the corresponding slide in grain prices last week, could be enough to bring back global demand that slipped earlier in the year.