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Farmers closely watching falling grain markets

An Illinois farmer says grain markets are at the mercy of global factors.

Don Guinnip tells Brownfield many corn and soybean growers are concerned that commodity prices will continue to fall.

“It’s like so many things in agriculture now, we’re in a worldwide market and the influences that come from places like Ukraine and what’s going on in China, the cancellation of crops that were previously sold, the uncertainty in the banking industry. There are just so many outside factors.”  

He hopes grain markets have already found their floor. In mid-May, July soybeans hit a low of $12.98 and July corn fell to $5.45.

“But it’s a long way to corn and soybean harvest and there are areas in the drought. Just like this wheat crop, it could be ready pretty soon and if the weather changes, we could be delayed and the quality could be a factor. So, typical uncertainty in agriculture. Until it’s in the bin and done, you don’t know for sure what you’ve got.”

Guinnip grows corn, soybeans, winter wheat, sorghum, hay and raises a small cattle herd near Marshall in Clark County along the Illinois/Indiana border.