Proverbial can kicked down the road to Dec 8th
The House and Senate both passed legislation to fund the government through December 8. It is possible that the Senate could take up the Ag Appropriations bill as a stand-alone measure at some point this fall but for now, the proverbial can has been kicked down the road until December.
What did I learn this weekend? The Huskers weren't good enough to overcome 3 turnovers on the road and spotting 28 point lead to the U of Nike (yes, there were officially 4 turnovers - the last during the attempted comeback...I did like the shutout of the 2nd half); the Cougs are good enough to overcome turnovers when playing in the friendly confines of Martin; the Herd will be vying for another national title with their dismantling of the Eagles in the inferno.
2018 Projected prices - We have four trading sessions remaining in the discovery period; my next update will provide the final projected harvest prices announced by RMA. You'll notice a significant bump in the fall wheat average price from last week - this reflects RMA's adjustment for basis differential between Chicago and Portland, now at $0.90.
Budget Deal - The House and Senate both passed legislation to fund the government through December 8. It is possible that the Senate could take up the Ag Appropriations bill as a stand-alone measure at some point this fall. For now, the proverbial can has been kicked down the road until December.
Conceal carry insurance - If you actively carry, you should consider obtaining the additional protection this policy provides you.
GAO report - The Government Accounting Office has provided a report that contradicts an earlier report they had done...Jim Wiesemeyer of Pro Farmer calls the GAO report "...flawed methodology." Read how he describes it here
Hurricane aftermath - Several auto carriers had performance issues prior to this destructive storm, Harvey and Irma will only make these matters worse.
Correspondingly for the property casualty side of the industry, $5 billion dollar loss the first half of 2017 prior to Harvey and now Irma...
Jeep safety issues - Who remembers the gas tank issues Ford had with their Pinto car model of the late 70's? It's reported that Jeep has a similar issue...
Markets - Traders have been relatively quiet pending tomorrow's report from USDA. Analysts are anticipating a trimming of projected yield for both corn and beans, whereas wheat production is expected to be bumped up for the year. Bottom line is this, the US dollar is at a 3 year low which bodes well for sales - exports for each have been ahead of USDA projections, wheat sales continue ahead of last year's pace. Weather issues impacting crops are present in Argentina and Australia. Yet farmer confidence is waning...
Generally, what is the price correlation between the US dollar and crude oil? There is some short-term pressure on crude oil prices due to two hurricanes making landfall that has impacted capacities and demand - where are we headed long-term with a softer US dollar? Read more...
Timely Topic - A recent posting from Assistant Professor at WSU regarding wheat straw...
Weather - Lord, the parched West needs rain...
Until next time...
Colfax grower meeting tomorrow morning, breakfast at 7.
Creston grower meeting next week.
“Perfect love sometimes does not come until grandchildren are born.”…Welsh Proverb
“Setting a good example for your children takes all the fun out of middle age.”…William Feather
“Children are unpredictable. You never know what inconsistency they’re going to catch you in next.”…Franklin P. Jones
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