Been Thinking...

“The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.” 

John Maynard Keynes

DFE Cash Bids
Notes Delivery Start Delivery End Cash Price Price Change Basis
Corn
Soybeans

Quotes retrieved on November 15, 2018, 06:57:34 AM CST
November WASDE Report

Outside Markets
Quotes retrieved on November 15, 2018, 06:57:34 AM CST
Board of Directors
Wednesday Morning Comments

8:00 AM (halted) Market Direction:  Corn unc; Beans up 5

89% of the winter wheat crop is seeded versus 94% on average. 77% of the crop is emerged versus 83% on average. Winter wheat ratings improved 3 points to 54% rated good to excellent versus 41% a year ago.

The average trade estimate for tomorrow’s NOPA crush report has 170.026 million bushels of soybeans crushed in October versus 160.779 in September and 164.242 million in October of a year ago. Soybean oil stocks are pegged at 1.521 billion pounds versus 1.531 billion in September and 1.224 billion at the end of October a year ago.

Crude oil has stabilized following a record 12 sessions of losses and its worse one day decline since July. Opec’s research arm again reduced its forecast for 2019 oil demand growth in another sign Saudi Arabia and its partners inside and outside the cartel might be forced to curb supplies to bring the market into balance.

Ethanol margins continue to get squeezed. We estimate Central Iowa margins absent corn oil extraction at 20 to 22 cents per gallon loss.

The weather outlook for the Midwest has little precipitation over the following 7 to 10 days. Light to moderate rains and some snow is predicted for the Ohio River Valley tomorrow. Northern Iowa and southern Minnesota could see some very light snow on Friday. The U.S. Southern Plains will remain mostly dry well into next week.

South American weather remains mostly favorable for crop seeding and development. A needed drier pattern will be established across Argentina while Brazil will continue to enjoy timely rains.

Barge freight continues to leak lower. Illinois River trading down to 325% while St Louis trading near 240%. Domestic corn premiums continue to ratchet higher.

Summary Items:
Crude oil stabilizing following 12 consecutive sessions lower.
NOPA crush report to be released tomorrow.
November futures expire today.

2018 Crop Insurance Prices

Corn - $3.96 Spring    

Beans - $10.16 Spring    

 

Managed Money Activity

Grain Acceptance Policy

Danvers Farmers Elevator will not accept grain containing transgenic events that are not approved for U.S. Export Markets including, but not limited to, Canada, China, South Korea, The European Union, Japan and Mexico.

 

CME Futures Markets
Quotes retrieved on November 15, 2018, 06:57:34 AM CST
Information gathered for this website is thought to be from reliable sources, but cannot be guaranteed as to its accuracy or completeness by DFE.