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95% done.. Funds still short corn.
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JonSCKs
Posted 10/13/2013 12:17 (#3380994)
Subject: 95% done.. Funds still short corn.


Corn harvest is all wrapped up here.. but the stragglers..  I can count.. maybe 5 or 6 fields left that I've been by..  probably 97% done.  Beanies are probably 2/3rd's to 3/4's done.  Some green D/C left to go..  Sorghum is waiting on a killing frost.. some guys going.. some still too green.  No lines to speak of.. mostly wrapped up and tucked away.


There are some piles now but nothing out of the ordinary..  You can pull right on to a scale at a processor or feedlot but you have to take today's CRAPPY price below $5.00 on corn and below earlier sales on beans.  Most instead are going to the elevators to store.. you'll see a couple trucks in line there at times..


It was a good crop..  Irrigated was pushing 225 but the drown out brought it back to a smidge over 200.. beanies were disappointing.. some dryland out yielded irrigated due to herbacide carryover injury which is drought related.   There were some pretty good dryland beanies.. most out now.


The Funds are still MASSIVE SHORTS in the corn market and will need "give up sales" OVER AND ABOVE useage which is around 320 myn bu per week now..  "good luck with that."  We could easily add to prices as they buy their way out..  "Hey hedgie.. your move."


A lot of wheat was dusted in.. alot sitting in dry moisture will need precip to emerge.. we have yet to start here.  Good chances for tonight but we'll need at least an inch plus to matter..  If these forecasted rains don't materialize..we'll be off to the races on wheaties.. and I'll probably go long on paper.. (got to raise a crop somehow..

I believe July 14 wheaties could rally $2.00 back to $9'ish.. taking corn back to $5.50'ish and beanies.. up to $14.00 or thereabouts.  Basis will start to move now.   



Edited by JonSCKs 10/13/2013 22:06
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