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The Market is Doing its Job

first_img Facebook Twitter Previous articleISDA Announces David King as Local Foods Program ManagerNext articleUSDA Planning to Move Ahead with Second Beef Checkoff Gary Truitt By Gary Truitt – Oct 29, 2014 The Market is Doing its Job Facebook Twitter Home Market The Market is Doing its Jobcenter_img WheatWhile the action has been subdued in relationship to beans and corn, wheat is trying to climb higher once again this morning.  A higher close would make it three in a row but at least at this point, we have not been able to reach up to the highs posted this past Friday.On the news front there is little additional that I can add to the wheat story.  There are continued concerns about abnormally cold weather in Eastern Europe and into Russia.  That said, it was reported overnight that Russian exports to date are running over 32% above a year ago at this time. There are a few tenders floating around but I suspect the sales tomorrow morning will once again be on the low side as we are still not really competitive on the world stage.  Of course, no one expected the beans sales last week either. Harvest in Brazil has finally been able to pick up and it was reported that in the state of Parana they have reached 72% complete.  This would actually be 12% ahead of the pace last year.  Also, yesterday it was announced that Argentina would be able to supply at least 5.5 MMT of wheat to Brazil this coming year.I continue to believe that December futures will encounter very stiff resistance around the 5.40 level and should be within days of turning back lower. CornWhile this move has really been about meal and beans we have done a pretty reasonable job of forcing the corn short out as well. That said the failure to hold the gains yesterday may have been the first sign that the move has about run its course.  Prices have been firmer again overnight but so far have lacked the enthusiasm to reach back against yesterday’s highs. I understand that farmers have been rewarding this move as selling picked up notably yesterday.  We will have the weekly ethanol report issued later this morning, which should reflect a production of at least 900,000 bbd and export sales in the morning.  Like wheat, U.S. corn on a FOB basis is not competitive. We have scattered showers in the forecast across the upper Midwest over the next few days and cooler temperature but nothing that should create major disruptions with harvest.  Yield reports continue to range from average to exceptional.  I suspect once we have rolled the calendar over to November, the focus and discussion will revert to the next crop production estimate, which by the way will be the final one of the calendar year. Unless we see another shock move from meal, it would appear that this corn move has pretty well expended itself.  As such, I expect to see prices track lower then into at least Thanksgiving. SoybeansThe bean market surrendered the majority of days gains by the close yesterday and although we have bounced again overnight, we are contained within Tuesday’s action.  As I commented yesterday, the situation that we are facing in meal and beans is logistical in nature and the job of the market is to provide economic incentive to try and correct that.  While that can be accomplished by making other substitute products economically viable but also help to compensate for additional transportation expenses.  It has been reported that trucks from the eastern and southeastern feed market have been arriving at processing plants to haul meal.  Not as efficient as rail but should help alleviate the problem for the interim.  There has already been discussion of the competitiveness of bringing South American meal into the east coast and while probably not economically feasible at this point, could also provide an alternative.Rains have continued to fall through what had been the hot and dry regions of Brazil and it would appear the dry pattern has been broken.  The late arriving rains though have meant a late start to planting as well and it is estimated that it stands at less that half of a year ago with 15 to 17% of the country planted.  Parana is estimated to have 30% of the crop planted, Mato Grosso do Sul 24%, Matto Grosso at 16% and Goias at 8%.Farmer selling has reportedly picked up nicely over the past couple days. We could still easily see the bean market hold at these levels for the next day or so as the market tries to sort out these transportation issues but I continue to believe as with the corn and wheat trade that we should see the scale tip lower in November as we refocus on the upcoming November USDA estimates. www.thehueberreport.com/freetrial SHARE Oct 29, 2014www.thehueberreport.com/freetrial SHARElast_img read more

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Dutch police deployed in force to curb rioting, looting

first_imgTHE HAGUE, Netherlands (AP) — Police have taken to the streets of Dutch towns and cities in force in an attempt to prevent violent rioting that has shaken the country for three successive nights since a nationwide curfew was introduced to curb the spread of the coronavirus. By late night Tuesday, the increased police presence appeared to have paid off, with no major rioting or clashes between youths and police reported. Police in Rotterdam said they arrested a total of 33 people for minor offenses and vandalism. Local broadcaster Rijnmond reported that riot police had been deployed in the south and west of the city, but police did not immediately report any major disturbances.last_img read more

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Watch out for the sleazy politicians

first_imgCategories: Letters to the Editor, Opinion I have to point out what power in some people’s hands will do to destroy others and the nation. D.C. politicians have set up slush funds for secret payoffs, committees of phony Russian collusion and sexual abuse by both genders. Locally, we have the governor giving away free college education in-state. Gov. Andrew Cuomo is one of worst, if not the worst, governors in the state’s history.Then we have everyday people with little titles that go to their heads. They scheme and lie to make themselves look good to their bosses, no matter what the cost or consequence to others. We should look very closely at those who crow the loudest and why. Think about it.Al MarvellScotia More from The Daily Gazette:EDITORIAL: Beware of voter intimidationEDITORIAL: Urgent: Today is the last day to complete the censusSchenectady teens accused of Scotia auto theft, chase; Ended in Clifton Park crash, Saratoga Sheriff…EDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen?last_img read more

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‘Don’t use phones while dealing with capitol clients’

first_imgHe said mobile phones should only belimited to work-related issues, wherein an employee can make calls in order toverify certain information. Lacson pointed out that if it would bebased on good manners and right conduct, using gadgets while talking withanother person is wrong. “It is basic ethics for governmentemployees, especially those in front line not to use their phones while talkingto clients,” Lacson said. BACOLOD City – Gov. Eugenio Lacson ofNegros Occidental has reminded employees of the provincial government not touse their cellphones while tending to clients. This after the Department of theInterior and Local Government (DILG) issued an order for all governmentemployees not to use their mobile phone while on duty. The DILG reportedly issued the orderafter several instances were reported over the past few weeks, whereingovernment employees were caught using their phones while on duty and there areeven instances that some of the employees are busy talking on their mobilephones while clients wait./PN In an order issued by DILG SecretaryEduardo Año on Sept. 6, all local chief executives must ensure that thedirective on phone usage should be observed by all frontline workers inaccordance to the Code of Conduct and Ethical Standards for Public Officialsand Employees.last_img read more

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