BOB'S REVIEW
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Nov 16th  11/16/16 9:18:47 AM

It’s been a great harvest season.  Yields have been really good again this year.  We were fortunate to receive enough moisture at the right time to get these good yields.  The dry fall allowed us to move right along with harvest.  A lot of fall tillage is also being completed.  NH3 and other fertilizer is being applied.  After we get the field work done, it could rain a little to replenish our subsoil moisture before it gets cold.  Since the first of Oct, Buckingham has received 1.3 inches of rain.  No wonder we were able to get a lot of work done in the last 45 days.
 
We did have enough room set aside for the bean harvest.  We did put a few wet beans up at the north site.  Yields were above average.  Somewhere in the upper 60’s to low 70’s bu/acre.  We took in a record number of bean bushels this fall.  The wide basis value we had during Oct has now narrowed.  We did receive a lot of corn and unfortunately got full before everyone got done combining.  We found a home for some bushels and continue to ship corn to CR when the processors have hours.  Basis bids also posted better for next week and for December.     
 
The new bin and equipment worked well once everything got hooked up.  The electrician and the PLC programmer have a little work to do to finish tying the interlocks together.  We also need to get power hooked up to the whse/shop along with installing outlets and lights.  Once the electrical is completed we can start arranging the shop. The feed and seed inventories have been moved out of the north quonset and are in the new whse.   We were also able to get some new grass established around the whse and new bin.   
 
This year commodity prices will be weighed down due to an expected 2.403 bln bushel corn and 480 mln bu bean carryout.  Planting and growing conditions in South America have not been an issue.  Just like our growing season things can change.  We’ll have to keep an eye on their weather.  Funds do like to put some premium into the markets during SA and our growing season.  Export demand for corn and beans has been pretty strong.   Feed and ethanol usage will be about the same.   Some type of production issue around the world will be needed to make these markets rally.  Otherwise get set for the up/down and sideways trading we’ve seen for the past two plus years.  Outside markets will also play a role in the grain market direction.
 
Grain quality could be a real issue this year.  Depending on the corn variety, we saw a lot of kernel damage right out of the field.  Quality will only get worse.  Keep an eye on your corn inventory this winter and spring.   
 
Good luck to the Don Bosco, G-R, and Union as they play for a state football championship this week!
Have a great Thanksgiving!
 
Bob
 
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