FC Afternoon Market Commentary for September 9, 2013

Weaker markets today with extended forecasts calling for a break in temperatures mid to late this week and the possibility of scattered rain across the belt. The extreme heat we have seen that past couple of weeks has been detrimental to soybean production but on a positive note corn maturity was advanced. US corn dented is now at 64% up 22% from last week and shy of the average of 75%. We are still behind pace with only 9% of the corn crop mature vs 28% on average. Crop condition ratings down 2% to 54% (35% for Iowa).

11% of the soybean crop is dropping leaves this week vs 19% on average. Only 2% of Iowa soybeans are dropping leaves this week. Condition ratings down 2% for the US and down 6% for Iowa.

Opening calls lower with condition ratings dropping less than market expectations.

Together we can!

Kyle Lehman

FC Morning Market Commentary for September 9, 2013

Good morning!

There is very little news to go on this morning, the weather outlook is actually a touch negative with these nearby high temps looking like the last push of heat (finally) we will see for a while.  It is also hard to get bulled up about a potential early frost when the local news calls for triple digit highs here in central Iowa.  But, in spite of that the soybean market inched higher overnight on what was likely a bit of short covering.  These higher soybean prices may falter as we get further into the day.

The outside markets are mixed with Crude Oil a bit lower, the $US a bit lower and the US stock market called higher.  Weekly crop ratings will be out this afternoon with the trade already pricing in a 3-5% decline in soybeans and a 1-2% decline in corn.  Anything less than that and you can expect lower markets, if the drop in G/E ratings is more severe – expect a rally.  Those numbers come out later this afternoon (after the close).

Opening Calls

Corn down 2 to 3 cents

Soybeans 3 to 5 cents higher

Have a great day!

Dustin Weiner

@fccoopgrain

FC Morning Market Commentary for September 6, 2013

AM Comments 09/06/13

Good morning!

Our markets are bouncing a bit this morning ahead of the heat forecasted for this weekend and into next week.  Soybeans yesterday worked lower during the early part of the session, only to find renewed spec buying interest.  The traders remain bullish soybeans and will look to defend that position when they can.

The fundamentals in the corn market still appear bearish (negative) thanks to strong yields, a poor chart and slow demand.  The traders who are buying corn these days are probably hoping that soybeans will pull prices higher, but so far that isn’t working.

We had a jobs report out this morning that was negative – but the stock market is trading higher after its release.  The thought process behind that centers around the idea that if the economy isn’t turning around, the gov’t will have to continue their stimulus plans, so… buy buy buy.

The weekly export sales report was out at 7:30am, we saw solid sales on new crop soybeans and disappointing corn sales.  Informa (a well followed private company) will release their crop production estimates later today (usually late morning).  The USDA of course comes out with their numbers next Thursday.

Opening Calls

Corn 1 to 3 cents higher

Soybeans 4 to 6 cents higher

Have a great day!

Dustin Weiner

@fccoopgrain

FC Market Morning Commentary for September 5, 2013

Good morning!

Our corn and soybean markets are weaker this morning, the technicals (charts) look to be turning lower and in the short term they may need some sort of ‘new news’ to turn them around. 

The USDA comes out with their updated S&D numbers next Thursday (Sept 12^th).  Soybean yields are expected to be lower (U.S. yield was 42.6bpa last month) which helps explain the $2 rally soybeans have seen since the start of August.  The corn yield is a bit of a question mark.  The USDA had U.S. yield pegged at 154.4bpa last month – which is pretty close to the average trade guess today.  It is worth noting that some well-followed private companies have that yield estimated above 156bpa, which if true – would be negative to prices.

Opening Calls

Corn down 4 to 6 cents

Soybeans down 10 to 15 cents

Have a great day!

Dustin Weiner

Farm Safety Tip - Hay Harvest Safety

• Read the operator’s manual (again). Haying equipment is used only during the summer, giving you nearly a year to forget the safety warnings.
  
• Keep yourself alert during harvest season: Drink plenty of liquids, eat regular meals, get enough sleep, and take breaks.
• Make sure all guards and shields are in place on all your harvesting equipment.
• NEVER try to unplug the baler until you have disengaged the power take-off, shut off the tractor engine, and put the ignition key in your pocket.
• For conventional balers, remember the flywheel keeps the machine operating for a considerable time after power is disengaged. Never work on a baler until the fly wheel has completely stopped.
• For round balers, Make sure twine is properly threaded and the twine arm is adjusted and in good working condition. Do not feed twine by hand into the baler.
• With forage wagons, stay clear of the discharge conveyor while operating. Remain in the tractor seat.
• With cutting equipment, never try to adjust cutter bars, reels, or conditioning rollers without disengaging the power. Avoid rushed movements when working close to the equipment, even when stationary, because of it’s sharp edges and points.

Source: http://www.ipmnet.org/tim/Farm_Safety/Farm_Safety_Tip_-_Hay_Harvest_Safety.pdf

Chain and Sling Safety Tips

Chains, slings and hooks are used to connect the lifting device (crane, hoist or forklift) and the load itself. A

substandard or faulty chain or sling can injure or kill a person instantly. It is critical that chains and slings conform to specifications at all times.

Inspection Checkpoints and Safety Tips

• NEVER stand directly underneath a load – You cannot always trust that the sling or chain will support the load. 
• Never modify or improperly use chains, slings or hooks; use them only for their intended purpose.
• Keep a 20 foot distance from the load if using a tag line.
• Always fasten the sling or chain to a rigid, fixed point on the load. In some cases, temporary eye-hooks may be fastened to the load.
• While hoisting and carrying the load, always try to ensure it is centered. This will help minimize an awkward center of gravity or shift of the load which could increase strain on the chain or sling.
• Always ensure hooks have a clasp to avoid inadvertent slipping of the hook.
• Inspect the condition of the chains and slings for link damage, cracking, separation, fraying, etc. Some slings are designed so that any exposed red material means the sling should be replaced.
• Understand the rated load for the chain, sling or hook. Hooks are usually stamped accordingly. If you cannot read the rated load tag on a sling, take the sling out of service.
• Make sure there is a routine inspection checklist or preventive maintenance program established for the chains and slings in your work area.

http://safety.cat.com/cda/files/836621/7/Chain%20and%20Sling%20Safety%20Tips_V1110.1.pdf

FC Morning Grain Market Commentary for 9/3/2013

9-3-13 AM Comments

Tuesday, September 3, 2013, 8:00 am
Submitted by: Jon Setterdahl

Good Morning!  Overnight markets were higher with weather the reason. Dry areas of the midwest remain dry and temporary cool-down is followed be heat returning by late this week. Corn harvest progressing from south to north, with areas in Missouri and Illinois probably to start this week. For the most part, corn yields from these areas south are very good with many reports in excess of 200bpa on a dry basis. Outside market influences pretty quiet to start the week….Syria situation has energy indices somewhat edgy.

Opening grain calls this am:  corn up 4-6, soybeans up 35-45

http://www.fccoop.com/markets/commentary_detail.cfm?CommentaryID=1834