BOB'S REVIEW
Nov 17th
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Nov 17th  11/17/17 4:02:27 PM

It’s been almost 2 months since harvest started.  We received our first load of new crop beans on 9/21.  We have a few more bushels of corn to come in and we can put a wrap on the 2017 harvest. 
 
Yields were better than what we had anticipated.  Soybean yields probably averaged in the mid-60’s.    Could not imagine what kind of a yield we would have seen had we gotten some showers in August.   Corn yields were an even bigger surprise.  We did have some fields weighed across the scale that average 260.  Some probably did better and some a little less.  Overall the corn genetics proved themselves this year.  We didn’t receive much corn under 17%.  So far, we are averaging about 19.1% on the wet bushels this fall.
 
We had a couple of breakdowns this fall.  We had an issue getting the dryer to start and missed out on 20 hrs of drying.  The inbound wet bushels did catch up to the dryer and wet storage space.  We also had a cup come off the dry leg and cause some damage to our main transfer conveyor.   This slowed our ability to receive and dry bushels.  We are planning on finishing the repairs sometime next week. 
 
Bean basis has improved 40 cents since the first of October.  Corn basis has improved 7 – 10 cents this week.  Current basis numbers are pretty good for this time of year.  The manage money accounts (funds) covered some shorts today.  Technical buying was all today’s move was about.  No change in the fundamental picture.  We have plenty of inventory.  SA weather and their growing season is not a concern for the time being.  Something to watch down the road.  We need some type of production issue to happen to turn the markets around.   
 
Have a great Thanksgiving!
 
Bob       
 
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