Farms.com Home   News

Elevators Scramble To Find Home For Bumper Crop

PILE

Grain elevators have been challenged to keep up with the uninterrupted pace of harvest 2015.

If there would have been a break between corn and soybeans, grain elevators may have had a chance to catch up, but with none they have resorted to creative options to find homes for the bumper crop.

Some elevators were forced — because of the size of the soybean crop — to put soybeans in outside bunker storage that is normally reserved for corn. Others put soybeans in bins that were reserved for corn.

“We’re probably using about every bit of storage space we have available,” said Bob Zelenka, executive director of the Minnesota Grain and Feed Association.

Bins and bunkers are full and limited grain is moving as the markets have been fairly flat, he said. There are long lines at ethanol and soybean processing plants.

With more than 75 percent of Minnesota’s grain storage located on farm, farm bins were likely filled first, he said. Others may have moved more soybeans to town to save room for corn.

With corn coming out of the field with moisture in the teens, there’s little need for commercial drying so grain elevators aren’t making much money drying corn this fall, he said.

“The access to transportation hasn’t been a problem,” Zelenka said, but little grain is moving. Railroads have added capacity since the debacle of 2013, he said.

Click here to see more...

Trending Video

U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!