Grain Market Update
Added March 9, 2009
With spring approaching and a very soft conventional market, producers are selling their inventory at the lowest prices of the year (around $8 per bushel for corn and $18 for soybeans). This drop in price in the Midwest is starting to show through in feed prices in the northeast with a slight drop in prices per ton for 16% grain. There is also an increased availability of both grain and hay on the market in the northeast. Hay prices have started to weaken for alfalfa with RFQ values ranging from 170 to 190 with prices from $165 to $175 per ton out of the Midwest.
Grain producers are starting to think about new crop pricing as they secure funds to plant the 2009 crop. New crop feed grade corn contracts are from $7.50 to $8.50 per bushel and new crop feed grade soybean contracts are from $17.00 to $18.50. OFARM’s Midwest target price for 2009 is $9.79-$12.24/bushel for corn and $19-$24/bushel for soybeans. (An organization of producer groups dedicated to a farmers' best interest, OFARM strengthens marketing returns for members, tracks production inventories and exchanges pricing and marketing information, http://www.ofarm.org/ .)
Located below are the links to latest organic price reports.
Upper Midwest Organic Grain and Feedstuff http://www.ams.usda.gov/mnreports/nw_gr113.txt
Eastern Corn Belt Organic Grain Feedstuff http://www.ams.usda.gov/mnreports/gx_gr120.txt
National Hay, Feed & Seed Weekly Summary http://www.ams.usda.gov/mnreports/lswfeedseed.pdf