ATTENTION: Does setting a floor now with UNLIMITED UPSIDE potential, if the market rallies, sound good to you? Call us about the FOUNDATION contract. Kurt- Sidney 688-2307 Tom- Tolono 485-6630 Maynard- Dewey 897-1111
PLEASE BE AWARE: In light of recent developments we have re-evaluated our policy regarding acceptance of corn with traits that are not approved for worldwide consumption. To protect access for all Premier members to all available markets we will NOT be accepting Duracade® corn grown in 2014. A letter was sent to all patrons the week of March 3, 2014 to further explain Premier’s position.
GRAIN FROM BINS Corn & Soybeans delivered now are eligible for FREE DP through Aug 31, 2014
Corn futures gave back all of yesterday’s gains on an improved weather outlook. A drier trend in parts of the cornbelt through this last half of July had helped corn make an attempt at a bottom over the last couple of sessions. The recent forecast has had some additional rain into the forecast for next week. This change helped fuel talk of big crop yields once again and turned the funds back in to sellers today. Sept. corn was still able to hold the contract lows set last week and there was a slight recovery near the close. Corn futures still sit in an oversold condition but as can be seen from today, bounces are hard to maintain. The USDA did announce a sale of 147,000 tonnes of corn to Columbia for 14/15. New crop sales still lag behind last year as Black Sea competition and the willingness to wait for cheaper prices has kept the exporter patient in regards to U.S. business. There is still talk today that Argentina producers are selling cash corn in fear of currency devaluation in response to the country needing to pay off debt on its bonds. Corn ratings were down 1% to 75% G&E. Ethanol numbers will be out tomorrow.
Soybeans finished weaker today, giving back roughly half of yesterday’s gains. The weather forecast is slightly more favorable for bean development today with more rain added into parts of the cornbelt next week. Any slightly weather changes are expected to increase the volatility in beans as we approach the key month of August. The drier trend seems to have helped beans in the short term, but a rain will be needed soon in some of the drier parts of the Midwest. There were no new announcements of bean export demand this morning but the USDA did announce a sale of 135,000 tons of meal to unknown for new crop. Meal sales for the new marketing year continue on a very strong pace, nearly triple this point a year ago. Soybean ratings were decreased by 2% in the good to excellent category to 71%. Large decreases were noted in Kentucky (down 11%) and Kansas (down 6%). Like corn, an increase in selling beans by Argentina producers was noted again today.
HAVE A PREMIER DAY The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.
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