BOB'S REVIEW
Oct 5, 2017
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Oct 5, 2017  10/05/17 4:25:41 PM

Bean harvest has been moving right along.  Rain this weekend will slow us down.  We are probably 2/3rds done in this area???  Corn harvest will start next week.
 
We are sitting pretty good with bean space.  We have a 100k bu backup bin if we need it.  So far bean yields have been better than what many had expected.  A mid to upper 60s bu/acre average should be pretty close for this area.  A little less than last year but not by much.      
 
We have been shipping corn to make room for new crop.  All against grain marketing 101 fundamentals.  Since I don’t pile corn, I’m giving up the market carry and potential basis improve in the short term to take in a lot of new crop corn over the next 30 days.  We are currently sitting with more space available for corn than we were last fall.  The only question now is what will this year’s corn yield?
 
Bean processors have backed off basis since the river market has fallen out of bed.   Yesterday and today the river basis did improve.  Barge freight has gone higher with the water levels on the Ohio, Illinois, and mid-Mississippi getting shallower (can’t load the barges to capacity).  Some areas along the river system are in need of dredging.  Maybe this weekend’s rain will increase the water levels.  Bean lines at both Iowa Falls and Cedar Rapids Cargill plants have been long (4 plus hrs).  Can’t get much accomplished while sitting in line.  No need to push the bid today!  There is some carry in the market which is good.
 
The best corn bid is nearby, which isn’t all that great.  The best bids are good until next Friday.  Not seeing much farmer selling at these levels.   CR processors getting enough corn.  Dumping hours are being cut toward the end of each week.  There is not a lot of news to make these markets move higher.  We are staying in the same trading range for what seems like a year.  Planting pace in SA will need to be watched along with yield reports from around the US. 
 
At our annual meeting in September, we reported to our members a net income of $360,468.  It was another good year and we appreciate your business.  We have copies of the report if you would like to see it and pick up a gift we handed out. 
 
Next USDA report is next Thursday Oct 12th.   We’ll see the newest guesses for this year’s crop production and supply/demand numbers.  Always a fun time on report day.
 
Have a safe harvest and get plenty of rest!
 
Bob
 
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