Been Thinking...

"Sticking to it is the genius!  Any other bright-minded fellow can accomplish just as much if he will stick like hell and remember nothing that's any good works by itself.  You got to make the damn thing work."

Thomas Edison

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

Quotes retrieved on July 20, 2018, 03:08:51 AM CDT
July 12 WASDE Report

Outside Markets
Quotes retrieved on July 20, 2018, 03:08:51 AM CDT
Board of Directors
Wednesday Morning Comments

Morning Market Direction:  Corn up 2; Beans up 4-5  

The grain markets are a touch higher again today, gaining confidence that a low may be in place. There is some talk that the US Midwest weather outlook over the next 10 days looks a little drier than thought on Tuesday. Wheat may be supported on ideas the Russian winter wheat crop may receive too much rain. Droughty conditions across Western Europe is hurting row crop production in that region. Fresh fundamental news is scarce. The dollar index is sharply higher and approaching the June highs; equities are lower as well as crude oil.

Higher freight costs in Brazil, following the Brazilian trucker strike in May is hurting fertilizer demand and will likely cut into their soy expansion. Some analysts had previously forecasted a 5% growth in Brazilian soy acres this year while the drop in fertilizer demand is the first since 2015. The government agreed to raise the minimum freight rates back in May to end the strike that was crippling their economy.

Average trade estimate for Friday’s Cattle on Feed report has the number of cattle on feed as of July 1st at 104.0% of a year ago. Placements in June are pegged at 100.6%. Marketings in June are estimated at 101.1% of a year ago.

Today, the US House of Representatives’ Ways and Means Committee will hold a hearing into the effects of tariffs on agriculture. Several US agricultural industry advocates are expected to voice their concerns to the committee over the trade war’s impact on prices.

Federal Reserve Chairman Jerome Powell’s positive comments regarding continued job growth and low inflation moving forward has given Wall Street a bit of optimism. Mr. Powell indicated the U.S. central bank wouldn’t move too quickly in changing monetary policy, and that it would be flexible in the face of changing conditions. The Dow was up for the fourth consecutive day while the Nasdaq Composite Index closed at a record level for the third time this month.

Official 6 to 10 and 8 to 14-day forecasts out yesterday and this morning’s update continue to show cooler and mostly drier conditions dominating until the end of the month. Storms moving from the Plains today will bring some rains to the central and eastern Corn Belt.

Summary Items:
Dollar index sharply higher; crude oil and equities slightly lower.
Forecast mostly drier through the end of the month.
US House Ways and Means Committee will hold a hearing into the effects of tariffs on agriculture.

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 July 20, 2018, 03:08:51 AM CDT
Information gathered for this website is thought to be from reliable sources, but cannot be guaranteed as to its accuracy or completeness by DFE.