Corn up 6, Beans up 35, Wheat up 8
Crude Oil- 82.25 up .83
US Dollar- 85.97 up .56
Dow- 16,985 down 20
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.
So, the meal issue is still the main reason behind this market working up the way it has been for the past couple of sessions. Funds bought 15,000 lots today and left it at that. The Chinese have been looking for beans it seems they’ve slowed down the pace there a little bit. The meal will continue to be the driver in this market, until someone murmurs that the issue is under control and at that point it’ll be enough to let the weather, and harvest conditions as well as the yields take hold and I have to believe that will pull things back a bit. Weather couldn’t be better if we asked, there aren’t any chances of rain in the immediate future maybe in the next 5 days but for now we have time to get the remaining 15% of beans harvested that are still standing across the states. There is a USDA production report out on November 10th and from the sounds of it the yields have been slowly getting better and better I wouldn’t be surprised if they show bigger production numbers once I see numbers on what people are expecting on that I’ll be sure and share them.
Corn, was up 10 for a couple of reasons, funds were buyers on today’s session, also there was in increase in farmer selling with the market working higher, something to add to today’s movement is the idea that South American production could be 15 million ton lower, and Europe could be 10 million ton lower. Other than that it’s the same story the corn that’s being harvested is fantastic, yields are wonderful, weather continues to be on our side. Like I mentioned there is a report coming up and before we know it we’ll all be waiting to see what that looks like, however I think we all know how that will look; bigger production and so we’ll see what that does to prices. We are paying a premium to our Corder Facility, we’re looking to get the pile finished and covered before there is any chance of rain. The shipment period is through October the 30th, if you have any questions give me a shout!
Wheat closed the session higher by 7 cents and called it good. Funds were buyers on the day of 3,000 lots. There are still plenty of folks waiting to get wheat planted, there’s still some anxiety over the thought that it might not get done but we’re going to keep the positive side here and just bank on the weather staying on our side for a couple more days allowing some of those loose ends to get tied up.