I'll update here.
Ray asked about Sorghum basis.. Sorghum has fallen below corn values so it is going back in the ethanol grind as well as the feed bunk. That was part of the reason for the rally last year in the basis to pull it back out.
We have more sales on the books now for sorghum then we did this time last year..
We also have more acres..
The fill season for both Sorghum and dryland soybeans here was.. "disappointing.." with "not going to make what I thought 30 days ago.." prevalent..
Still there are pretty good to exceptional yield prospects on dryland sorghum.. it's just tougher.
and the market knows this.
October is the month that determines the insurance price.. for whatever reasons.. that usually gets trimmed as prices rally.. (is this year different?) There are ALOT of Claims this year.. more than last year.
A large coop in the central part of the state expects corn reciepts to be down about 10% mostly on lower planted dryland corn acres.. The irrigated is coming in so far well.. maybe even better than last year.. but in the central part the Dryland acreage is larger and "matters." Not only are the dryland acres down.. but the yield for the most part is not as good... Here dryland corn yields were about half of last year..
Dryland soybeans.. "could" be a similar story... and would be equally significant. There's gonna be alot of 15 to 20 to 30 bu dryland soybeans that had 40 bu plus potential 30 to 45 days ago... and there's some pockets of going to met expectations. It varies.
Most have moved all the grain they need to for harvest.. now it's just executing the plan.
later..
ps.. watching the sorghum basis pop in excess of corn values.. it's started in the south post harvest and is moving north.. just like last year.. Probably will not be as big.. etc.. but it's gonna have to attract enough bushels to fill export demand.. as I said.. ethanol producers as well as feeders will take Sorghum also.. "if the price is right."
Edited by JonSCKs 9/25/2015 08:48
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