Corn down 6, Beans down 16, Wheat down 9
Crude Oil- 81.15 down .92
US Dollar- 85.70 down .32
Dow- 16,801 up 120
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 took back some of what they put on yesterday, some resistance was in the market early due to November options expiring however when that news was over with the market decided it was time to take things back to the negative side. Brazil saw some rain and that was a bit later than some would have liked it to be but nonetheless its rain so that took some pressure off also. The Chinese have been purchasing their fair share of beans as of late. The weather has been ok, the dew could give it a rest but as long as we aren’t seeing 2 inches of rain here and there we’ll count our blessings. It sounds like Mondays crop progress numbers will show beans maybe 75% harvested maybe a bit more we’ll see.
Corn closed lower by 6 cents on some farmer selling which turned out to be enough to take the market lower. Corn is still standing in the field waiting on farmers to return from bean harvest. Funds were sellers of 6,000 on the day. It sounds like the likely hood that corn harvest being over 45% complete on Monday isn’t going to happen. I talked with some folks in Iowa and the group I talked to there hadn’t even been to the corn field yet I think there’s plenty of corn to be harvested across the Midwest. They did mention to me that the yields there will be more average than a record crop because of the amount of rain they got early in the growing season which brought some hail and heavy wind damage.
Wheat was up due to Russia needing some rain however took to the lower side with corn and beans. Funds were sellers of 2,000 on the day. My big thing with the wheat right now is the availability for wheat to make its way the field. Thankfully the weather has straightened up and is allowing farmers to plant wheat which is relieving most folks of the anxiety that they might not be able to get what needs to be done, done. The tractors are covered in dust from following the combines so closely but nonetheless it’s getting planted. We will see how much has been planted this week on Monday but it sounds like the guess there is nearly 90% planted.