BOB'S REVIEW
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July 1st 2016  07/01/16 2:53:29 PM

I just added up the amount of rain we’ve received in June - 7.8 inches.  With the heat and moisture pollination should happen in 7 – 14 days.  Pollination may happen sooner for the early planted acres.  The weather folks don’t have much heat forecasted over the next 10 – 15 days.  This will be ideal for our crops.  We’ll take warm but not hot heat along with some rain the balance of the summer.
 
Yesterday’s Stocks and Planting numbers gave us another surprise.  Imagine that.  I guess April’s weather did give us enough time to plant anything and everything we wanted too.  Corn stocks were 200 mln more than the ave guess.  Bean bushels were 41 mln bushels larger.  Corn acres were up 547 thousand from the March estimate and beans were up 1.452 mln acres.  Over all planted acres were up 3.5 mln acres from last year.  We still have a lot of corn and bean bushels on hand.  Expect lines at the terminals the balance of the summer.  Basis has stated pretty strong with all things considered.  As I mentioned a couple of weeks ago weather will be the key going forward.  The fund managers are still long corn and soybean contracts.  Short term support on the charts for Dec corn was 3.50 and for Nov beans 10.75.  Meal margins for the processors have declined over the past couple of weeks.  Corn used for ethanol was lower again in May.  The USDA may lower the corn used for ethanol in there next report?  May soybean crush was 1.5 mln bushels less than expected.                
 
Markets won’t open up until 8:30 am Tuesday July 5th.  Weather forecast will be the main focus for the traders.
 
The concrete and aeration was completed on the new wet bin earlier this week.  The bin crew should have the roof completed this weekend.  The roof ventilators should be wired up on Tuesday.  Bin sheets should be going up on Wednesday.  Hope the weather (wind) is good the next week/10 days.
 
I’d expect to see the building crew for the shop/whse sometime in the next week or so. 
 
Our annual picnic will be held on Monday July 25th at the Memorial Building in Traer.
 
Have a safe weekend.  Watch out for the other guy!
 
Bob
 
 
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