Corn down 5, Beans down 10, Wheat down 4
Crude Oil- 91.45 down 3.12
US Dollar- 85.91 up .32
Dow- 17,042 down 28
Crop Insurance Update Fall wheat price $5.93. Remember today is the last day to add, change, or cancel wheat coverage.
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.
Beans took to the lower side early in the session, when the report came out with tighter stocks than anticipated. The average guess was 126 million bushel we saw 92 million bushel come out on the report today however with impressive yields, a stronger dollar and harvest just now getting wound up and ready to take off the market had reason to dip lower. I read this afternoon that beans out of Nebraska are coming in with low moisture and yields around the 57bpa area. Not so shabby. The Chinese are on a holiday which is apparently worth celebrating as they are out for a week unless they have a few designated individuals who are keeping the lights on I don’t look for the beans to do a whole lot to the positive side this week.
Corn closed the session a penny off of the lows, down 5 cents on today. I haven’t heard anything lower than 200bpa on the corn yet, the moisture is FINALLY coming down to a point that farmers are ready to take it to the elevator and not cringe at the discounts paired with corn prices. I read the other day that somewhere in Nebraska they were paying less than $2.00 for corn, OUCH. The report today was estimated to be 1.185 billion bushel and that number was blown away by what actually came out which was 1.236 billion. Corn harvest is only at 12% harvested the corn this year is fantastic it takes longer to make it down the row but also you’re dumping the hopper much more frequently with a crop at 200 bpa than you are at 170 bpa I’ve said it several time, this crop will be a slow, and difficult crop… stay tuned.
Wheat closed 4 lower after the report came out the expected number was 1.880 billion bushel, we saw 1.914 billion bushel paired with a stronger dollar and sympathy with other commodities its recipe for lower movement. I heard about some quality issued with some wheat way up north but really that’s all I dug into it, there has been some small talk about it for a while up to now.