First stop in a 12-state tour
By Diego Flammini
Assistant Editor, North American Content
The 2016 U.S. Corn Belt Crop Tour, the 5th annual event put on by the Chief Commodity Strategist Moe Agostino and the Farms.com Risk Management team, made its first stop on June 25 in Ohio.
Agostino hopes the tour can help answer a variety of questions, including whether or not weather risk premiums can be added to the market.
He provided an update of factors that could contribute to price fluctuation.
“We had some really good prices and all of a sudden we have taken away the weather rally, the demand rally and now we have this Brexit where the United Kingdom has decide to leave the EU, causing some global growth recession fears,” he said.
As always, weather is an important issue, and with the possibility La Nina, Agostino said much of the Midwest will be monitored closely.
“We’ve got the potential to have a really good crop, but boy do we need the water to keep coming,” said Charles Wildman, a farmer from South Charleston, Ohio.
“We got a little this week, but with the 80 and 90-degree temperatures, we’re going to dry up pretty quick,” said Lane Osswald, a cash crop farmer from Eldorado, Ohio.
“Over the next two weeks, I don’t see any rain in the forecast,” Agostino said. “That is a problem.”
At the end of his Ohio tour, Agostino ranked the corn as a 6/10 and soybeans at 7/10.
Stay tuned as Farms.com will continue to update Moe Agostino’s findings from the U.S. Corn Belt Crop Tour.
Follow the tour on social media using the hashtag #cornbelt16.