BOB'S REVIEW
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2/24/17  02/24/17 11:03:28 AM

Our February weather has been pretty nice.  Hope the trees didn’t get as excited as we did about the warm temps.   Could do without the snow today and this weekend.  Days are getting longer so spring will be here before we know it. 
 
Field work was reported in Southeast Iowa and parts of Illinois earlier in the week.  NH3 and dry fertilizer was being applied.  Southern Texas will soon start planting corn.  US drought monitor shows parts of Missouri, Iowa, and Illinois being dry.  7.25% rated as having drought conditions. 
 
Last year’s patronage checks will be mailed out after March 1st.  This check will represent 25% of your earnings.  The total allocation will have to be reported to the IRS when calculating your 2017 income taxes.  Thank you for your support.
 
Starting Monday (2/27) we’ll open up our free price later program for corn.   The bean program will open at a later date. 
 
The Cedar Rapids bean plant has their yearly maintenance shut down planned for March 17th through the 31st.  Plan on getting your March direct ship bushels delivered by the 16th.  Iowa Falls has not announced theirs.  Sometime in April is when they normally have theirs. 
 
USDA Ag Outlook form has the US farmer planting 90 mln acres of corn and 88 mln acres of soybeans this spring.  2017/2018 carryout for corn is expected to be 2.215 bln bu and soybean carryout at 420 mln bushels.  The corn figure would be a little less than this year’s guess and the beans unchanged.  As always weather will be the determining factor.
 
The grain markets continue to be ranged bound.  All the moves higher and lower have been technical in nature.  No new fundament news has been reported to make us move in either direction.  Bids will be based off May futures sometime next week.  Last year at this time the corn price was $3.35/bu with a     -$.25 basis.  Last night our corn bid was $3.29 with a -$.37 basis.  LY’s bean price was $8.19 with a - $.49 basis.  Last night our bean bid was $9.33 with a -$.79 basis.  I don’t think we’ll see these types of basis values this year.  The South American crop looks good from the reports I’ve read.  The money managers will continue to move the markets up and down.  Weather and political issues will be watched going forward.
 
Prayers go out this week to the Mark Ewoldt and Philip Mitchell families.    
 
Bob 
 
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