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 December 16, 2018, 07:02:03 PM CST
November WASDE Report

Outside Markets
Quotes retrieved on December 16, 2018, 07:02:03 PM CST
Board of Directors
Friday Morning Comments

Noon Market Direction:  Corn up 2; Beans down 3 (ho hum)

The markets are mixed to lower as the bulls remain frustrated with the limited bean purchases made by the Chinese government. Ag futures on the Dalian were generally weaker with soybeans losing roughly 1%; veg oils and grains also weaker. For the week, CH is holding unchanged, SF is 12 lower and nearby Chicago wheat is 2 cents higher.

The average trade estimate for Monday’s NOPA crush report is estimated at 168.44 million bushels crushed in November versus 172.35 million in October and 163.55 million in November of a year ago.

Well followed Informa is estimating 2019 corn acreage at 91.944 million acres versus 89.140 million a year ago. Soybean acreage is estimated at 85.069 million acres versus 89.145 million a year ago. 2019 Winter Wheat acreage is pegged at 32.253 mil acres versus 32.535 million a year ago.

The Buenos Aires Grains Exchange has estimated Argentina's 2018-19 wheat harvest at 19.0 million tons citing frost and hail storms as the reason for cutting its previous 19.2 million ton forecast. Harvest is more than 57 complete.

Argentina’s corn crop is estimated to be 47% seeded versus 40% a year ago.

Yesterday the US Ag Secretary said he expects the next tranche of farm aid payments will be made, despite China’s recent soybean purchase.

China has confirmed they will suspend additional tariffs on U.S.-made vehicles and auto parts for three months starting Jan. 1, 2019, the country's finance ministry said on Friday, following a truce in a trade war between the world's two largest economies. China will suspend 25 percent tariffs on 144 U.S. vehicle and auto part items and 5 percent tariffs on 67 auto items between Jan. 1 and March 31.

The weather outlook for South America remains mostly favorable as northern Brazil should see roughly 50% coverage over the next 10 days while southern Brazil and northern Argentina looks fairly wet over the next week. Southern Argentina looks to see a drier trend through much of next week.

Summary Items:
Markets frustrated with limited Chinese soybean purchases.
US Ag Secretary expecting 2nd round of farm aid will be paid despite recent China soy purchase.
Traders hoping for additional bean sales to China to be released today or early next week.

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 December 16, 2018, 07:02:03 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.