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Veteran Contributor

Floor Talk October 9

Soybeans were slightly lower in overnight trading Tuesday ahead of Thursdays' WASDE report, in which the USDA is expected to raise its outlook for ending stocks. Beans were down about 2 cents, corn lost a tick and wheat was down 1-2 cents overnight. President Trump is expected to announce an end to a rule banning sales of E15 ethanol during the summer. The rule was implemented for environmental purposes but its benefits are questionable. In weather news, more rain is hitting the southern Plains and central Midwest where flooding was already a problem after a couple weeks of rainfall. That's keeping farmers out of fields and delaying the harvest. Check out today's 3 Big Things for all the details. 

West Texas Intermediate = up 0.6%.

Brent Crude = up 0.8%.

Dollar = up 0.4%.

Wall Street = U.S. stock mixed pre-market.

World Markets = Global stocks mostly lower overnight.

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Veteran Advisor

Re: Floor Talk October 9

How are elevators handling the loss of storage revenue that can't be recovered? Would be interesting to know how much revenue is lost every week the crop harvest is delayed. 

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Veteran Contributor

Re: Floor Talk October 9

I know the elevators up in Canada are really starting to panic. They were saying September 1 that they had enough grain contracted til the new year that they didn’t need anymore. The basis was the widest I’ve seen in years and I was panicking because the crop was coming in and the grain I usually haul in off the combine would have been worthless. Well that was the last time my combine was in the field and now I’m getting calls everyday about specials for delivering grain because the elevators can’t fill the trains. In the end it’s not how much they are losing because there is still a negative basis it’s how much they can’t steal from the farmer to get the grain. As for each week the combines don’t roll there will be millions of acres left over winter in western Canada so maybe I can get a little better price for the few bushels I do have in the bin.
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