February corn price.

$4.80 for corn Harrisonburg,VA. $1 basis. Bryce, do you mind doing a market report? I enjoy reading your market reports. Thanks.

Currently 4.13

Wow tariffs are working!

I'm bumping it up for Bryce.

Here, Corn is $4.03, Soybeans $8.87 and Wheat, SRW $5.57. I have around a months worth of corn stored for my feed needs, maybe a little more.

Keith

Below are our current cash bids or prices at the local elevator.


Delivery Date Futures Price Futures Month Basis Cash Price Futures Change
History Cash Bid
383'0s
@C0H 0.00
3.83 02/12/2020 1:19:00 PM CST
3'2
History New Crop 2020
393'0s
@C0Z -0.60
3.33 02/12/2020 1:19:00 PM CST
1'0

SOYBEANS
Delivery Date Futures Price Futures Month Basis Cash Price Futures Change
History Cash Bid
892'4s
@S0H -0.65
8.28 02/12/2020 1:19:00 PM CST
7'6
History New Crop 2020
921'2s
@S0X -0.80
8.41 02/12/2020 1:19:00 PM CST
2'0

WHEAT
Delivery Date Futures Price Futures Month Basis Cash Price Futures Change
History Cash Bid
547'4s
@W0H -0.50
4.98 02/12/2020 1:19:00 PM CST
5'4
History New Crop 2020
549'0s
@W0N -0.65
4.84 02/12/2020 1:19:00 PM CST
4'2

OATS
Delivery Date Futures Price Futures Month Basis Cash Price Futures Change
History Cash Bid
304'0s
@O0H -0.14
2.90 02/12/2020 1:19:00 PM CST
4'6

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Reedsville, WI 54230

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The CBOT has stayed within 10 cents on corn and 15-20 on beans for about two months now. The trade deal issues have not resolved anything as of yet for grain. Maybe a bit for dairy but the 3 years of below the cost of production have sifted out a lot of cows and now with debt loads high and equities low, banks are not loaning money to expand so that will slow things more for the near term.

The real scary part is if you look at our new crop cash bids for our areas they are 50 cents below current prices. I have not taken the time to sniff out why currently there is that much negativity in the fall market prices. Prices are usually always lower in the fall but in a current slow and low market 50 cents is a lot, Even with a crop that is 1.4 billion bushels below first expectations prices are not moving much and most is due to very current lower demand worldwide and domestically as well. February is the month that growers buy their crop insurance for the new crop. Almost all lenders that fund crop loans require growers to buy crop insurance income protection. Lower prices make insurance a tad cheaper but also makes revenues protection or coverage lower as well. The fact that bean prices are not nearly as low for new crop locally and corn is way down indicates to me that the local elevators feel that even a normal crop of corn say 14 billion bushels or so will result in a lot of carryover.

Bryce

We only have Soft Red Winter Wheat in our area. Where do they grow the Hard Red Winter Wheat at?

They sell tiny bags here of HRW for 81 cents a pound or more. I would like to have a few bushels on hand.

I just ground some HRW Wheat with our Diamont, Denmark made flour mill, so Diane can make bread.



Keith

Ninety five percent of the wheat grown in Kansas is hard red winter (HRW). In fact, Kansas farmers grow more HRW wheat than any other state.

Very nice mill! My wife would love that! How much did it cost?

Chris

Now here's a Corn field

That is quite the track!

Chris

I bought that used Diamant D525 grain mill for $202.00, with tax from an online auction. They did not know what it was and poorly described it. They are $1350.00 new, with shipping. It was close to brand new. I was originally interested in using it to make chick starter mash, but upon researching it, found it's considered the World's best hand cranked, machine convertible, flour mill. It weighs 47 pounds.

It is extremely easy to adjust and clean. I have 2 motors I could use with it, but have not yet.

Keith

Keith that is a great deal! I will have to search a little to see if I can find a comparable model!

Chris

I know next November I will be voting a different way hope thing work out but not looking like it. Anyone ever try raising hemp I hear its a tough deal to harvest and the seed is tricky if you get any THC you have to scrap your crop. Also thought about sunflowers. Getting to old to change things up though but always thinking.

Thanks, Bryce. You made my day.

I have heard good things about hemp. But it's not a CBOT thing as far as I know.

I like your flour mill. My brother sells Einkorn wheat online. Shenandoah Homestead supply. It's not cheap but if ancient grain is your thing, he will gladly sell you some.

We have several small growers organizing around here to raise hemp. Big learning curve if you are used to raising row crops conventionally. Need to find processors and they can control the market(s). There are seminars in our area and also some information on the Net you can use to get knowledge and a start. As to the THC there are agency staffs that test the crop and you want that done prior to spending money on harvest etc. as if too high it is destroyed. Most of the commercial production or seed supplies won't reach those levels however. There will be on going research in labs and small plots that will utilize different environmental stress factors to see what may swing THC levels the most or the least. There are several small stores going up in our area that have CBD and Vapping on their signs. Marketing those together to me is not a good way to go. Big changes in cultural practices if you have been a long term conventional farmer. If you are new to the farm production process not so much as you don't have old habits to change. It won't take many acres to flood the market. Also there are millions of acres worldwide that can grow hemp well in small plots where larger scale agriculture is not profitable at current production practices.

Bryce

I saw an news article about a guy in Montana that is doing well going hemp but did state that there are a lot of issues with it.

i thought hard red wheat was spring wheat... i didnt know there was a hard winter wheat.

No spring wheat is not hard red winter. We raise soft red winter here in WI we get very good yields and the crop likes cool, moist conditions but soft red winter is a lower quality wheat then hard red winter wheat and thus is priced accordingly. Also when corn is scarce or high priced many times lower grading soft red winter wheat will be used in livestock rations.

Bryce

I found a report from a commodity firm that outlines their thoughts regarding corn and beans for 2020 and beyond. It is long, so if you are not interested in detailed market discussion it may not interest you.
We need to find a stronger African market, but we may already be too late except for grains. China has invested trillions in Africa which is the fastest growing market in the world at this time.

https://www.seeitmarket.com/us-corn-market-year-2020-forecast-and-price-outlook/

Bryce

Interesting, Bryce. I burned my data up so I need to find some free WiFi to open your link.