08-29-2011 03:37 PM
Sounds like the focus really shifted on the CME Group floor today, from corn to beans. Beans ended 23 1/4 cents higher, really surging on more talk of poor crop weather continuing. Meanwhile, corn struggled to stay over the hump, definitely falling short of the rally we had to close out last week.
So, now that we know those beans out there have the trade's attention, let's let them know how they're doing!
08-30-2011 02:00 PM
By the poll results, 34% of the beans would be listed as good or excellent.....USDA says 57%. I guess opinions differ on what is good or excellent.
08-30-2011 02:35 PM
That 17% are full of it.............17% got a few timely rains...............27% are in serious denial............19% are eternal optimist...........20% are actually smart enough to realize its GAME OVER............CROP IS WHAT IT IS..........
same thing in corn for that matter............when you hear comments like....."THIS HEAT IS GOOD, GOING TO CATCH THIS CROP UP"..............LMAO..............REALLY?????????
08-30-2011 03:11 PM
Don't forget that beans do not like wet feet. Although their feet might have been drier than one would like, they will wait for a rain if given half a chance, Soybeans are a very forgiving crop but maybe we are expecting too much this time.
I looked at my beans in Iowa about a month ago. They looked excellent but needed rain. They got the rain but did it come soon enough? That is the question. We just might get average yields out of them but what is average anymore. 45? 50? 55? 60? I know we expect the upper end but is that really average? I don't think so but we have been mighty fortunate the last few years and we are spoiled rotten.
08-30-2011 03:30 PM
MT joined just to say there are some beans out there that WILL be way above average. Turn the computer off, take a drive to central MI and have a look yourself. My heart is out to all that needed moisture this year, wish I could of shared some with you because only a third of what this area recieved was needed in the last fortyfive days.
08-31-2011 06:26 AM
good call don. "good yields" is a very subjective idea. I talked to a local retiring farmer just yesterday that said he had never had 60 bu. soys. 50 would be good to him. Our corn in north iowa might be better than we thought, but not what we have gotten used to. I don't try to estimate bean yields that way I am only disappointed once. .2 inch of rain yesterday, so the drought is over!
08-31-2011 12:08 PM
I took a 6 hour round trip yesterday to look at a tractor. From NWO to CWO. I don't think I would trade my crop for any I saw. Since July 18 the weather has been ideal. It won't be the best beans I've ever had but will be right up there in the top 4 or 5 years. 2 or 3 inches of rain in the 5 week dry spell and I would probably have my 1st ever 70 bpa beans. As it is I'm estimating 47 to 62. All no till and RR2 sure paid off this year. Just put another $1200 in the planter so I'm not wondering all winter what it needs for next year. Worth every penny. There's a lot of ground stealing going on from what I have heard. We are our own worst enemy.