CoBank said its data and analyses indicate farmers have sold more soybeans than this time a year ago, but are holding on to wheat and corn.
Some of those holdings are in commercial storage, but awaiting deferred pricing and sales.
“CoBank’s data reveals that farmers have been patient sellers of corn and wheat,” said Tanner Ehmke, lead grains and oilseeds economist with CoBank.
“Any material increase in corn and wheat prices will likely be met with heavier selling pressure compared to soybeans, which already experienced a higher level of farmer selling last fall.
“The increase in on-farm storage for corn implies there is more corn in the countryside also waiting to be priced, which will pressure both flat price and basis,”he said.
