This week’s report was very bearish. The value of the U.S. dollar is still climbing, so analysts were hoping to see some better sales. Allendale commodity broker Greg McBride said there were marketing year lows for wheat, corn, beans, and cotton.
McBride added that there was a flash sale of corn to China that morning.
McBride said beans and wheat usually have lower sales at this time of year anyways, but the corn numbers were very disappointing.
The high value of the U.S. dollar- which is the highest it has been in 20 years- is putting pressure on every marketplace, not just agriculture. McBride said there are more concerns developing for a potential recession.
McBride also provided some advice for Iowa producers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.