The corn market is unchanged to slightly higher this morning after the USDA reported a slower than expected harvest number. Corn harvest through last Sunday was estimated at 15% compete versus expectations of 17-20%. This compares to 16% last year and 19% on average. Harvest activity is expected to improve with this week’s drier forecast. Big yields appear to be priced into this market so any additional delays in harvest due to wet weather may support the commodities in the coming weeks. The December CBOT futures closed yesterday at $3.29 which is only .14 off of the contract low of $3.15. USDA September 1 grain stocks will be released at 11am on Friday. The average trade estimate for corn is 1.754 billion bushels which compares to 1.731 billion bushels last year. This report should help confirm or deny the numbers that USDA is using for feed demand. IN order to make the 5200 number for the year, the US would have to have fed the most corn for feed since 2008 in the fourth quarter to make that number. If feeding is lower as I suspect, then the carryout would be above 1820 mln bushels for 15/16 which then calls into question the 5650 feeding assumption the USDA is using for 2016/17. This lower feeding would translate to a carryout of 3.1 billion bushels without a change in yield or acres.
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ACH - Payment Form
If you are interested in ACH, please completely fill out the attached form and return it to Didion. Some financial institutions charge for this service.(You will have to check with yours to see if there is a fee) If you have a lien on your grain, we will not be able to pay you via ACH. Click Here to view form.
LET US DO THE TRUCKING FOR YOU!
Didion Milling has more than 20 trucks ready to serve you. We have hopper bottom and dump trailers of various sizes to fit your needs. We offer on-farm pickup throughout the year. Hourly rates are available should you need extra time to fill a trailer. Contact Garry or Brenda for more information on our trucking services.