Local Grains

Last Updated May 24, 2018 8:21 AM*
Corn Old Crop New Crop
Location
Pro Coop, Pocahontas -.49 -.52
Lakota Ethanol - GPRE, Lakota -.43 -.37
CFE, George IA -.38 -.49
Green Plains Renewable, Superior -.43 -.37
Stateline Co-op, Halfa -.28 -.43
Don's Farm Supply, Newell -.45 -.35
Poet Bio Refining, Emmetsburg -.48 -.48
Max Yield, Fostoria -.52 -.53
Max Yield, Mallard -.49 -.52
Max Yield, Kerber -.45 -.45

Soybeans Old Crop New Crop
Location
Pro Coop, Pocahontas -.80 -.82
Don's Farm Supply, Newell -.73 -.85
Stateline Co-op, Halfa -.79 -.80
Meadowland Co-op, Lamberton,MN -.70 -.80
CHS, Fairmont -.45 -.55
CFE, George IA -.74 -.86
First Co-op, Laurens -.80 -.80
Max Yield, Fostoria -.82 -.84
Max Yield, Mallard -.81 -.84
Ag Partners, Emmetsburg -.80 -.83

View All
*This information was current as of this date. We believe it to be accurate but assume no responsibility.

Commodity Headlines

Ken Ferrie: Toss the Calendar

April 25, 2018 8:10 AM

Source:  porkbusiness.com

It’s important to watch your fields—not your calendar—when deciding to plant says Farm Journal Field Agronomist Ken Ferrie. Cool soils, wet conditions and potential late frost means you still need to be patient.

“Don’t panic—you don’t want to give up a tremendous amount of yield,” Ferrie says. “Don’t mud in corn, that comes back to bite us [at harvest].”

First things first, Ferrie advises farmers take down the calendar because date doesn’t dictate when you should head to the field, field conditions do. “The biggest mistake guys make is with tillage,” he says. “We know if we work the field it’ll dry out and we deal with a lot of compaction issues that show up in July and August.”

About 85% of the compaction issues he sees are from decisions farmers make right now while panicking about getting into the fields ‘on time.’

Depending on management, some fields will be ready before others. Ferrie says fields chiseled in the fall tend to dry out faster than those to be tilled in spring. If you employ spring tillage check your soil before entering the field with heavy equipment.

“Dig down to tillage depth, ball up the soil from that depth and try to ribbon it between your fingers,” Ferrie says, “if it extends one inch past your fingers that will cause compaction issues when tilling.”

Unfortunately, field conditions aren’t always uniform across the field. In some cases you might see 70% of the field ready-to-go and 30% still a little too wet. If you plant under those conditions, watch the 30% to have more stress and yield issues throughout the season Ferrie advises.

“If Mother Nature is good to you and you get timely rains you might never see the effect of compaction,” he says. “Typically in July and August—when rains are few and far between—compacted parts of the field will be stressed the most and you might start seeing aborted kernels.”

In addition, cold soil temperatures and frost threats could damage seeds and young plants. In several parts of the Corn Belt soil is still just under 50°—corn’s optimum planting temperature.

“One of the challenges of planting in soils that are 45° or lower is seed chilling,” Ferrie says. “When the corn seed imbibes, the temperature of the water it takes in has an effect on the seed itself. Water under 50° means that when swelling takes place the cells aren’t as elastic and they tear, which can cause disoriented mesocotyl, no sprouting, etc. It might not kill the plant completely but effects could show up in ear count.”

Soybeans might be the better crop to plant when soils are cool—pending you have defense against sudden death syndrome. In testing, Ferrie has seen earlier-planted soybeans perform better. Even a small stand loss, like 10% to 15%, isn’t as noticeable in soybeans as it is in corn since they compensate.

“For the first time we have more beans planted than corn in our customer base,” he adds.

However, if you get a late frost corn is in better shape than soybeans. Since the growing point is below ground until V6, corn is safe, whereas a late frost in soybeans could mean you need to replant. Ferrie expects to see a lot of soybeans planted this week in Illinois.

According to Michael Clark with BAMWX weather, conditions look like they’re improving across the Midwest.

“A lot of primary grain regions will be dry with 70° to 80° highs,” Clark says. “This should provide a good window to get out and get work done. The Dakotas and Minnesota will be warmer than usual, too, and colder spots will be in the southeast.”

He expects the month of May to be a rollercoaster for weather and temperature, but overall drier.

It’s important to watch your fields—not your calendar—when deciding to plant says Farm Journal Field Agronomist Ken Ferrie. Cool soils, wet conditions and potential late frost means you still need to be patient.

“Don’t panic—you don’t want to give up a tremendous amount of yield,” Ferrie says. “Don’t mud in corn, that comes back to bite us [at harvest].”

First things first, Ferrie advises farmers take down the calendar because date doesn’t dictate when you should head to the field, field conditions do. “The biggest mistake guys make is with tillage,” he says. “We know if we work the field it’ll dry out and we deal with a lot of compaction issues that show up in July and August.”

About 85% of the compaction issues he sees are from decisions farmers make right now while panicking about getting into the fields ‘on time.’

Depending on management, some fields will be ready before others. Ferrie says fields chiseled in the fall tend to dry out faster than those to be tilled in spring. If you employ spring tillage check your soil before entering the field with heavy equipment.

“Dig down to tillage depth, ball up the soil from that depth and try to ribbon it between your fingers,” Ferrie says, “if it extends one inch past your fingers that will cause compaction issues when tilling.”

Unfortunately, field conditions aren’t always uniform across the field. In some cases you might see 70% of the field ready-to-go and 30% still a little too wet. If you plant under those conditions, watch the 30% to have more stress and yield issues throughout the season Ferrie advises.

“If Mother Nature is good to you and you get timely rains you might never see the effect of compaction,” he says. “Typically in July and August—when rains are few and far between—compacted parts of the field will be stressed the most and you might start seeing aborted kernels.”

In addition, cold soil temperatures and frost threats could damage seeds and young plants. In several parts of the Corn Belt soil is still just under 50°—corn’s optimum planting temperature.

“One of the challenges of planting in soils that are 45° or lower is seed chilling,” Ferrie says. “When the corn seed imbibes, the temperature of the water it takes in has an effect on the seed itself. Water under 50° means that when swelling takes place the cells aren’t as elastic and they tear, which can cause disoriented mesocotyl, no sprouting, etc. It might not kill the plant completely but effects could show up in ear count.”

Soybeans might be the better crop to plant when soils are cool—pending you have defense against sudden death syndrome. In testing, Ferrie has seen earlier-planted soybeans perform better. Even a small stand loss, like 10% to 15%, isn’t as noticeable in soybeans as it is in corn since they compensate.

“For the first time we have more beans planted than corn in our customer base,” he adds.

However, if you get a late frost corn is in better shape than soybeans. Since the growing point is below ground until V6, corn is safe, whereas a late frost in soybeans could mean you need to replant. Ferrie expects to see a lot of soybeans planted this week in Illinois.

According to Michael Clark with BAMWX weather, conditions look like they’re improving across the Midwest.

“A lot of primary grain regions will be dry with 70° to 80° highs,” Clark says. “This should provide a good window to get out and get work done. The Dakotas and Minnesota will be warmer than usual, too, and colder spots will be in the southeast.”

He expects the month of May to be a rollercoaster for weather and temperature, but overall drier.

Trump Says Biofuel Plan Will `Make Farmers Happy,’ Help Refiners

April 13, 2018 12:52 PM

Source:  bloomberg

(Bloomberg) -- President Donald Trump on Thursday outlined changes to U.S. biofuel laws that would allow more ethanol to be used, a nod to farmers caught in the crosshairs of a potential trade war with China, while also offering some relief to fuel suppliers who have complained about compliance costs.

Allowing the year-round sale of fuel containing as much as 15 percent ethanol, a blend known as E-15, “makes a lot of farmers happy," Trump said prior to a White House meeting with Republican lawmakers from farm states. “We’re going to also be helping the refineries," he added.

Trump has held a series of meetings in recent months to carve out a biofuels deal that satisfies the agriculture and oil lobbies, which also happen to represent two of his most important constituencies: farmers in the rural Midwest and blue-collar workers in industrial areas.

The two sides have clashed repeatedly over the Renewable Fuel Standard, a complicated policy that crosses political lines. Oil industry representatives have cited the January bankruptcy of Philadelphia Energy Solutions Inc., the largest U.S. East Coast oil refiner, as evidence that the biofuel mandate is too costly and changes are needed.

However, ethanol is immensely popular with farmers because it’s largely derived from corn. Agricultural interests argue that any weakening now of requirements to use ethanol would compound the uncertainty felt by farmers after China last week outlined a retaliatory tariff on U.S. soybeans.

On Wednesday, U.S. Agriculture Department Secretary Sonny Perdue said farmers are feeling anxiety not only from the possible trade war with China but also because the U.S. Environmental Protection Agency is issuing hardship waivers to some small refineries, allowing them to avoid complying with the RFS.


Another issue is the price of Renewable Identification Numbers, or RINs, the tradeable credits used to show compliance with the RFS. Refiners have raised concerns about their cost. Some have asked the Trump administration to cap RIN costs, possibly with the EPA selling a lower-priced alternative: an ethanol waiver credit not tied to a blended gallon.

“EPA has been assessing the legal validity of granting an E-15 waiver since last summer,” EPA spokeswoman Liz Bowman said in a statement Wednesday. “The Agency has been awaiting a clear outcome from the ongoing RFS discussions with the White House, USDA and Congress before making any final decisions or developing any associated regulatory actions.”

Threat of China tariff on US soya sparks early sell off

April 4, 2018 11:14 AM

Source:  agimoney
 
China has retaliated to the US imposition of tariffs on its steel by publishing a list of 106 US goods, including beef, corn products, cotton and soybeans, on which it intends to levy additional tariffs of 25%. The list is reported to comprise some $50 billion worth of US exports.

CBOT soybean futures fell in early morning trading, with the nearby contract down 4.7% to $9.89-1/2 a bushel although it has recovered to 10.11-1/2 later, as 2.58% fall on the previous day’s $10.38/bushel close. May corn had fallen to $3.73 a bushel, recovering to 4 points down to $3.84-1/2 a bushel.

It is not clear when either side would actually start to levy import tariffs, although analyst Benson Quinn says “It is widely believed that US measures would not take effect until about 6 weeks from now.”

Soybean prices will rise

Rabobank comments that the full 25% duty on US soybeans and cotton into China is not yet priced into markets as it is still only a threat, with no clear timeline, although it warns that physical soybean prices in South America and in China will rise.

It adds that the move will drive US soybean exporters to ship soybean consignments already sold to China as quickly as possible, in order to clear customs in China before the duty is implemented. This would support physical US prices in the short term.

But Reuters’ Terry Reilly projects that a 25% import tax on soybeans would “essentially shut off US soybean exports to China”, at least for a few months, at a time when USDA export sales are already down due to China resisting US origins where possible.

Compromise on soya levy?

China, the world’s largest importer of soybeans at some 100 million tons a year, might find it difficult to replace the volume, so there might be a compromise deal before the levy bites. “We believe the US will move quickly in resolving soybeans under this trade dispute,” he states. “It’s in the best interest for China to do the same before the 2018-19 US harvest comes online.”

But Mr Reilly thinks the USDA could lower China’s soybean imports by at least 5 million tons in its upcoming monthly WASDE report, and lower the soybean crush by 2-3 million tons.

In Europe, today’s trade in soybeans, soymeal and soyoil reportedly came to a standstill, with sellers reluctant to issue prices as news of the Chinese tariff proposal broke.

"Sellers were holding back waiting for the dust to settle on Chicago futures," one broker told Feedinfo.

But some traders believed that prices will return to prior levels as the trade dispute doesn’t alter the fundamental tightness in soybean supplies. The International Grains Council has forecast that global soybean consumption will exceed production in both the 2017/18 and 2018/19 seasons.

Cotton futures down

Turning to cotton, the Rose Commodity Group says cotton futures have dropped sharply on the tariff news, with ICE May cotton futures down 312 points and December off 189 points.

“However, the US has only (sent) modest quantities of raw cotton to China in recent years and the US will likely be able to sell cotton that is not feasible for delivery into China with an additional 25% duty into other destinations,” the broker notes.

“Overall, the imposition of such duties probably does not affect (over the medium- to long-term) US merchant’s abilities to market US cotton, but cotton futures will likely suffer as speculators liquidate their net long position.”

Rabobank says cotton import tariffs will favour prices of non-US crop origins, particularly from Australia and Brazil.