Corn and beans have continued yesterday’s selloff off in the markets with corn currently down 5 and soybeans down 5. Corn traded 5 ½ higher at one point yesterday before falling at the close and closing 2 lower. There was a lot of producer selling with yesterday’s early session rally with producers taking advantage of strong basis levels and higher markets. Producers holding on to old crop corn should be making sales very soon, because as more corn gets put in the ground over the next 2 weeks we are going to see a lot more grain move which will result in basis deterioration. Producers that are bullish the market and feel that there is going to be a summer weather rally need to realize the amount of corn that is out in the country that is going to move. Commercial elevators are strong sellers at the current basis levels which is only going to make things worse for the producer who holds grain into July, August and September. If you want to remain in the market, the best thing to do now is make cash sales for April thru August timeframe and buy a July or September out of the money call for 5-10 cents. This will allow you to lock in solid cash prices and use the premiums in basis that are currently being offered to fund the call option. Overnight we saw old and new crop board prices hit a 6 month low in corn. Todays close will be a strong indicator of the direction for next week’s markets. Planting progress in the next two weeks is going to be strong with favorable weather. Side note – New daily limits go into effect for corn on May 1st. Corns limit goes from .25/day to .30/day, Soybeans will remain unchanged at .70/day. We haven’t seen a daily limit trade in a over a year.
Hours are subject to change based on weather. Please call to confirm hours.
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.