BOB'S REVIEW
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April 25, 2016  04/25/16 6:50:09 PM

We have had a great start to this year’s planting season.  Several producers have finished up corn and bean planting is well on its way.  A little warm moisture this week would be great.    
 
This afternoon’s USDA corn planting pace was 30% complete.  The trade was guessing 29%.    5 yr ave is around 16%.  Iowa is at 40% compare to our 5 yr ave at 13%.  I’d have to say it’s probably even larger.  Ohio and Indiana are lagging this year compared to the past 5 yrs.  This was the first week for soybean planting numbers.  The US is currently at 3 % planted compared to the 5 yr ave of 2%.  The southern states are also catching up to their 5 yr ave. 
 
Managed Fund money has come to the poker table to play ball.  Their favorite commodity since March 1st has been the soybean.  We have put around $1.58/bu on the cash price while basis has widened about $.20/bu.   Corn and the other products have also benefited from the surge of money into the CME.  Wet conditions in Argentina during their soybean harvest along with corn acres in Brazil being under stress from too dry conditions have helped fuel this buying.  How much damage has been done in SA will not be known for a couple of months.  Talk early on in the buying was to maintain or gain soybean acres.  Have we bought any bean acres way from corn?  Fundamental we (US) have plenty of old crop corn and soybeans.  The fast start to the planting season has also been put on the back burner.  Nobody wants to be left out this early in the game so the fun continues.  Basis will stay on the defensive throughout the summer.  Continue to take cake when cake is passed.      
 
We had a head pulley bushing go out in the main receiving leg about two weeks ago.   The other bushing was also cracked.  We didn’t know the second bushing was broken until we started rebuilding the Howell drive.   The only part that was previous replaced on this drive was the main head pulley shaft.  After 39 years of being the main receiving leg, I guess the drive got a little tired.  We are waiting on the second bushing to get here.  We hope to have the cement up and running sometime Wednesday.  We can and have dumped corn at the other receiving pits during this downtime.  Since we could not receive corn in the cement elevator the electrician was able to get here and get more done on the upgrade they started a month ago. 
 
We are hoping to start the dirt work on the wet bin this week.  Once we start it will probably keep raining for a couple of weeks. 
 
Have a safe spring!


Bob
 
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