In Today’s Update:
“Everyone has a plan until they get punched in the face.”
I’ll be honest — I’ve rarely been less excited to write an update, or to stand in front of a room of producers like I did this afternoon in central Minnesota.
After the talk, a few local producers came up to say hello — including Terry, who shared the notes he took during the presentation.
He wasn’t wrong.
We have a problem. Period.
Too many acres.
Too many bushels.
In corn, it’s a supply problem. Record demand helps, but it’s still not enough to offset a record-large crop that kept getting bigger.
In soybeans, it’s a demand problem. Even with a record 53 bpa yield, smaller acreage capped production — and exports are projected at a 13-year low, with downside risk if China buying stalls beyond the initial 12 mmt.
None of this is new. But it’s frustrating when you think you understand the setup — and then USDA shows up with a shocker.
Like Mike said — we just got punched us in the face.
Keep reading with 14-days free trial
Subscribe to No Bull to keep reading this post and get 14 days of free access to the full post archives.
Start trial