Corn and soybeans are both down 3 to start the day with favorable rains overnight and non-threatening weather in the forecast. With funds currently only short 24,000 contracts in corn, next Fridays report could open the doors for a strong push lower if acres come in higher or unchanged from the March report. I would expect soybean prices to continue their slide with a record South American crop and the potential for 90+ million acres in the US.
Weekly ethanol production fell from the previous week's 1.002 million barrels per day pace to 990,000. This was still over last year in the same week but only by 2.9%. We now have three weeks in a row of slightly disappointing weekly ethanol production (-0.7%, -1.1%, and +2.9% vs last year).
Weekly export sales came in below the 10 week average for corn at 20.8 million bushel. Soybeans reported the lowest export number in the last 10 weeks at 4.1 million bu. Both corn and soybean exports have been in a decline over the last several weeks.
Producers are strongly advised to make some sales of old and new crop corn and soybeans before next week’s report. Producers should be selling next spring (currently $3.85 range) and putting in firm offers to sell additional bushels at $4 for this time.
Dear Valued Producer, On May 31, 2017, Didion experienced an explosion at its Milling facility located in Cambria, WI. As a result of this accident Didion is temporarily unable to receive grain at our facility. We will be honoring all contracts you have in place with us for all delivery periods. Delivery of nearby contracts will be delayed while we work on cleaning up the facility so that we can start receiving corn. We will notify you when we are open for receipts. You are a valued customer of Didion’s, and we will take care of your grain marketing needs now and in the future.
Thank you for your understanding and support during this difficult time. Sincerely,
Our office numbers are back in service. Please call us at the following numbers with any grain marketing questions.
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.