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Farmers clearing bins ahead of harvest

A grain market analyst says farmers are starting to clear old grain out of bins to prepare for the new crop as harvest gets closer.

Don Roose with U.S. Commodities says farmers were waiting for a weather scare to affect the grain markets this summer, but that hasn’t happened.

“They’re getting ready for harvest, clearing out bins and not sure they want to pay commercial storage. A lot of famers are gambling bushels moving.”

But he says it’s likely on-farm storage will benefit farmers this fall.

“We have big carries in the corn market and the soybean market. There’s 34 cents from December to July on corn, 60 cents from November to July on soybeans. If nothing else, try and protect the carries in the market and get a rate of return on storage bins.”

Roose says new crop sales have been limited in the last few weeks.