BOB'S REVIEW
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Aug 1st  08/01/17 10:56:04 AM

Today we start another fiscal year.  We will be taking inventory tomorrow morning (8/2/17).  The auditors will be here next Thursday and Friday to do their field work.  Thank you for your support and business this past year.  We look forward to working with you again this year.
 
Here at the scale we received 3.2” of rain in July.  Other parts of the state received a whole lot more and other very little.  Crop conditions around here look pretty good.  The corn plants look green and healthy.  The bean fields look good too.  August rains will be needed to finish the bean crop and fill out the corn ears.   How will this year’s yields compare to last season?
 
All of the damage from the April hail storm has been repaired.  We had to replace some office equipment after a storm took down an electric pole by hwy 63 the morning of July 10th.  We don’t know what happened but our guess is the lines got crossed when they came down.  The copier, gram scale, furnace motor, microwave, time clock, mini-frig, central vac, and some office lights.  The weird part about all of this was other equipment plugged into the same outlet were not affected.  We were out of power for most of the morning but did hook up the generator to run the phones and computers.
 
Grain prices still don’t know which direction they want to track.  Old crop inventories continue to weigh on current prices.  Cheaper world bushels also not helping our cause.  Current weather forecasts have taken away the weather premium we saw last month.  Basis has started to improve again after the melt down a month ago when the board rallied. Board spreads also helping keep basis values supported.  We did buy a lot of old crop corn and beans last month.  Volume of new crop sales also picked up.  Today we dropped through some support on the charts.  Not looking very promising for the home team.
 
FC Stone and Informa Economics out today and tomorrow with their yield predictions.   The USDA will release their August Production and Supply and Demand Report on Thursday August 10th at 11:00 am. 
 
LP prices are inching higher.  We are exporting more LP which is turn has lowered the inventory for this time of year.  The trade doesn’t know if we will see a build in inventory before drying season. 
 
We had a nice turn out at our annual customer appreciation picnic a couple of weeks ago.   
 
Bob
 
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