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, 07:06:15 PM CST
November WASDE Report

Outside Markets
Quotes retrieved on November 15, 2018, 07:06:15 PM CST
Board of Directors
Thursday Morning Comments

9:45 AM Market Direction:  Corn up 4; Beans up 10

The markets are off to a better start with soybeans bouncing a dime as China and the US continue to discuss ideas for a trade resolution. SX9 futures made new highs for the move and traded to the highest level in a month. Ag futures on the Dalian Exchange were generally lower with veg oils being the exception.

The average trade estimate for today’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.

China has delivered a written response to U.S. demands for wide-ranging trade reforms, three U.S. government sources said, a move that could trigger more formal negotiations to resolve a withering trade war between the world's top economies. Trump is expected to meet Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina at the end of November and in early December.

Today’s weekly EIA report is likely to show ethanol production last week at 315-318 million gallons versus 314 million last week. Ethanol margins continue to get squeezed. We estimate central Iowa ethanol margins absent corn oil extraction at 18 to 22 cents per gallon loss.

Prime Minister Theresa May of Britain faced a deep political crisis on Thursday after two cabinet ministers quit her government, including her chief Brexit negotiator. A decision that threatens to wreck not only her plans for the exit but also her leadership. The surprise resignation of Mr. Raab on Thursday morning followed a tense, five hour meeting of the cabinet the previous day, during which ministers reluctantly agreed to sign off on Mrs. May’s draft plans for departure from the European Union.

Argentine weather has a front bringing light to moderate rains to La Pampa and Buenos Aires Saturday; the rest of the weekend and early next week look dry with a front bringing back light to moderate rains to most areas by the end of next week.

Summary Items:

Optimism over US/China trade talks pushing markets higher.
NOPA crush report to be released at 11:00 AM cst.
Weekly export sales delayed until tomorrow due to Monday’s holiday.

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, 07:06:15 PM 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.