BOB'S REVIEW
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May 6, 2015  05/06/15 9:21:26 AM

We knew a lot of corn and even some beans got planted last week.  We couldn’t have asked for better weather.  The rain this week will make sure this crop gets off to a great start.  It also gave everyone a chance to get caught up on their sleep.  I’d guess we are somewhere in the 90% or higher range for corn acres being planted and 25 -30% for beans.  Sounds like after this weekend the weather turns drier so we can finish up the 2015 planting season.
 
Corn basis remains strong with farmers in the fields and with futures heading toward contract lows.  The processors know we have plenty of corn in the country so they are just buying time until these numbers get pretty ugly later this summer.  It’s going to take some type of weather or a geo-political issue somewhere in the world to turn these markets higher.  Bean basis is also the strongest in the nearby month.  The spike in bean oil futures has helped stabilize the bean futures market.  Next resistance in the July contract is $9.95.  The gov’t is also telling us we have plenty of beans.  The world supply of beans isn’t getting any smaller either.  Our local processors bid structure is also telling us not to be the last rat to jump ship.   The bird flu issue will also affect corn and bean basis as it continues to spread. 
 
Tuesday May 12th is the next USDA report.  We will see the updated Supply and Demand figures along with their guess for this year’s production.
 
Step two of our capital improvement project was completed last Thursday (4/30).  It only took Best Builders from Litchfield, IL four days to take down the dryer.  They did have a great week of weather.   The next phase will be work on the receiving pit and dryer pad.  Don’t think this work will get started this week with the rain, but hopefully sometime next week they should start the next phase.  We will have some fill available for a driveway if anyone is interested.
 
We also have a couple of items for sale.  We have a GAC 2100 moisture tester - $1,200 and a Mayrath 10” * 71’ auger - $2,500 OBO.   
 
Have a great week!
 
Bob  
 
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