A slight schedule adjustment...
A slight schedule adjustment to the scheduled grower meeting in Creston*, it will be a bit later in September. If not already received, a postcard should be soon to arrive. Please do plan to attend one of the meetings and feel free bring a neighbor or landlord...see you next week!
Over the weekend I caught up with family friends back on their farm in central ND as well as south central Saskatchewan to learn about more about this year's harvest. Dave who farms outside of Saskatoon, SK, will start harvest this coming week. Roger and Sam finished the peas last week, averaged 1800 lbs on the 3" of rainfall received this spring on their farm. Wheat harvest begins this coming week for them as well; they're expecting low 20 bu/ac. For reference, last year their yield averaged in the mid-40 bu/ac.
As harvest unwinds and preparations for 2018 crop take to action, don't neglect the same careful consideration of your operation. To that end, a quick read regarding...
2017 Harvest Prices - This week, Thursday, will conclude the discovery period for harvest prices and what's shown currently will not change significantly as 83% of the average is in. I anticipate RMA to announce the prices Friday, prior to Labor Day Weekend. I'll provide an update when they are official.
2018 Projected Prices - We've already concluded nearly 40% of the discovery period; I'm hopeful we can start to realize some strengthening with the remaining days. The current volatility in the Minneapolis market is concerning; RMA factor is .25, which is approaching 08/09 level.
Canola 2018 - This Thursday, 8/31, is the sales closing date for 2018 canola, all changes must be done by this date including: adding or changing coverage, entity additions or corrections, etc. Please let us know if we can be of assistance.
Economic downturn - Wall street believes evidence is mounting that suggests a downturn is coming...
Fertilizer trends - An update on the recent trend of fertilizer prices.
Grower meetings - A slight schedule adjustment to the scheduled grower meeting in Creston*, it will be a bit later in September. If not already received, a postcard should be soon to arrive. Please do plan to attend and feel free bring a neighbor or landlord...see you next week!
Markets - The recently concluded crop tour across the corn belt didn't produce the expected market bounce, or did it? National estimated corn yield is 167.1 bu/a, soybeans estimated national average yield is 48.5 bu/a; both are less than the recent estimates released from USDA. Variability was a common description of crop conditions the field scouts found during their tour this week. Noteworthy were the yield estimates for the top producing corn states IA and IL, both down significantly from last year. Correspondingly, the soybean pod counts were surprisingly lower than last year plus fewer beans were found in the pods. Corn and wheat were both down for the week, beans gained just over a dime.
Russian wheat harvest is said to be near 60% complete, average yield is up 10 bu/a compared to last year with report surfacing that milling quality might be an issue...stay tuned. Exports are brisk, dollar is down after Yellen's comments at the recent summit in Jackson Hole, the drought continues...
Oil sands - Does the current market price allow for sustainable production?
Puerto Rico - Is this US territory the next up and coming tax haven? My sister and her husband recently purchased a 2nd home on the island, in no small part because of the value of property on or near the water...check out this article.
Quantitative Easing - An interesting read here on the winners and loser of said fiscal policies...
Russia - Boris and Natasha have been too quiet of late, they're now accused of a cyber attack against the Ukrainian Central Bank on the eve of Ukrainian Constitution Day, commemorating their celebration and constitution signing in 1991. Russia denies any involvement in the attack and the coincidental timing.
Speaking of involvement, US Defense Secretary promises support for Ukraine with their ongoing conflict with Boris and Natasha...
Boris provided an unusual show of force recently across the pond...
Used car values - Auto sales have been brisk for seven consecutive years and the fallout is the plethora of used vehicles...where's the worth?
Until next time...
“Live with men as if God saw you, and talk to God as if men were listening.” ~Athenodorous
McGregor Risk Management Services, LLC
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Office - 509.843.2599
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