Corn down 1, Beans down 14, Wheat down 2
Crude Oil- 81.01 down 1.16
US Dollar- 86.16 up .17
Dow- 17,195 up 221
A couple of things you NEED to know:
1) Corn is now cash or contract only at ALL locations. This includes FGT. No storage or delay price will be accepted. Corn must be applied to contract or sold across the scale. This is effective October 21st and will remain in effect until further notice. THIS DOES NOT APPLY TO BEANS.
2) If you are going to be delivering grain to the elevator and don’t have an account set up PLEASE call the Richmond office before you deliver so that we can have the account set up and ready before hand, this makes the process move along so much more smoothly.
3) Please take time to check your tickets, call the elevator right away if there is something wrong we need to know right away.
Beans pulled back today taking 19 cents off what they’ve put on in the last couple of days. Funds sold 7,000 lots and said that’s enough today. Farmers are working diligently on getting as many beans out of the fields before there is a chance of rain also a good portion of the Midwest saw a freeze overnight. We were talking in the office, today most of us are thinking bean harvest is maybe 50% completed so there is still plenty to be done. We have trains scheduled for this weekend, as well as Monday, hopefully we will see the railroad pull through and deliver those on time. You might also like to know we did roll from the November to the January today. Folks north of here are started on beans and sounds like they’ve been cutting at a decent clip, it sounds like they have elevators full and allocating loads there also.
Corn closed a penny lower on today’s session. There was rumor around the market today that there could be less corn planted next year so we’ll have to wait and see how that turns out. This corn harvest is slow; way slow unfortunately it’s going to stay that way. The railroad, I guess is trying to work as diligently as possible but for now we’ll just say they’re working at best so for now we will keep our fingers crossed that they can get us the trains we have scheduled. The USDA report is coming up in the next couple of weeks I am anxious to see how that turns out.
Wheat closed the session 2 pennies lower on exports as well as conversation about problems in Australia. Funds didn’t do a whole lot today maybe bought a thousand if that. With chances of rain next week anybody who hasn’t gotten their wheat planted has a fire lit under their rear and is moving just as quickly as possible. Yields in Australia have been a bit under what they would like to have and it sounds like the overall production estimate there is ticking lower and lower.