Farmers catching up on harvest, but market concerns loom
Farmers are catching up on the harvest, but still have a long way to go.
The most recent crop report shows the corn harvest above 30 percent and sunflowers above 40. But that's still well below the 5-year averages of 90 percent. As they move the product off the field, there are still concerns about where the market is heading.
Prices have been trending down for corn and soybeans and absent a deal, won't get better. Now all eyes are on December 15 and whether the U.S and China can strike a deal for ag products.
As North Dakota's harvest continues, so do concerns over what the market will be for crops. Market analyst Eugene Graner says even some encouraging signs aren't moving prices like it did last year.
"The market has become tired of hearing the word wolf being cried constantly. They're almost the doubting Thomas that the market is declining, anticipating no trade deal is going to occur until they actually see the trade deal,” said Graner.
Graner says grains will likely continue to trend down as South American crops hit the market. December 15 is the next time tariffs against China could go into place.
"I think if we come to blows on December 15, I think the president is going to take this thing and not worry about an election on a trade deal. He's going to fight the Chinese and keep it hard,” said Graner.
Graner says if a true deal is put in place, prices could see a rally. One of the other things limiting the market is a strong US dollar. The stronger the dollar, the harder it is for other countries to buy our products.