Corn up 8, Beans up 20, Wheat up 6
Crude Oil- 82.81 up .10
US Dollar- 85.31 up .36
Dow- 16,610 up 211
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.
Well nobody was expecting a rally in the middle of harvest, but beans beat the odds today closing the session up 20 cents for a couple of reasons; the Chinese were out looking to do some business, funds really got with it on purchases today somewhere close to 10,000 lots. The stock market worked up today also, so take that into consideration. Farmers did let go of some beans but there wasn’t enough farmer selling for the market to feel any resistance Tuesdays have been referred to before as turn-around Tuesday I think there was some of that mentality today I wouldn’t look for it to last long however I think the lows are in I think the market trades sideways until the next big thing which will probably be the next report on the 10th of November.
Corn also kept the positive side of trade and closed the session almost 8 cents higher. Funds were buyers of 8,000 lots on the day. There’s a lot of corn headed to town the weather is finally allowing some real progress to be made just in time for a good rain on Thursday I was talking to a co-worker he mentioned that Accu-Weather is expecting nearly an inch Wednesday night. The nation is a whopping 31% harvested there is still plenty of corn out there. I read today that there are elevators in Illinois that are plugged with corn as their yields have been much better than most I can’t say that I’m surprised at all.
Wheat also had a good day on the board, closing the session up 6 cents really because of what’s going on in other parts of the world apparently there is snow on the crop somewhere, and Brazil mentioned some issues as well, Australia has been expressing some concern over the estimate of what they might have to offer in terms of wheat. Winter wheat came in 76% planted not too far off of the average of 77%. Illinois is 22% planted a far cry from the average of 59% Indiana is 37% seeded the average there is 57%. With any luck the rain will stay away and there will be some good progress on those numbers.