Corn: 3-4 lower
Beans: 6-7 lower
Grains are trading lower this morning as the U.S. weather forecast puts pressure on the markets. The 2019 crop is going to finish out amid an unseasonably warm and wet September. The crop progress report yesterday showed U.S. corn harvest at 4% complete, down from 8% last year and 7% vs. the five-year average. Soybean harvest ratings were not reported. However, the good/excellent rating fell a point this week to 54%. Globally, weekly bean inspections came in on the low end of trade expectations yesterday, proving we are behind on exports. The excitement around crude oil remains with that market closing up $8/barrel yesterday.
Our harvest Grain Policy was recently released with specific information about storage rates, Price Later rates, moisture discounts, and various other grade factor discounts. We encourage you to understand all of these policies and procedures as we enter into Harvest. If you are unsure of anything, please contact your local Customer Service Specialist or call us at 877-778-2226. One thing we would like to point out is that every location has the responsibility to set their own maximums based on the local situation. For example, Ralston WILL NOT accept soybeans over 14% moisture. Other locations may do similar things throughout harvest. We just want to encourage you to stay in contact with the location(s) you are delivering to, especially as things change.
We are hearing some reports of customers getting combines in the field around the Landus Cooperative territory…fall has arrived! Have a good day!