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Quotes retrieved on March 18, 2018, 02:34:57 AM CDT
The corn market traded lower in sympathy with the wheat market and the cusp of the Argentine corn harvest. On a continuous corn chart there is a gap from $3.46 ½-$3.38 back on December 15th. May closed at $3.82 ¾, down 4 cents, July closed at $3.91, down 3 ½ cents and December closed at $4.03 ¾, down 2 ½ cents. Argentina’s corn harvest is expected to begin next week. March 29 Planting Intentions Report and March 1 Grain Stocks are scheduled for release at 11 AM CDT on March 29thThe Brazilian corn harvest is at 34% complete compared to 47% last year and 45% on average. Their 2nd corn crop planting is at 92% complete versus 96% last year and 90% on average.
Soybeans: up 9 @ $9.54
The soybean market traded higher on fund buying, despite improving chances for rain across Argentina. More estimates should begin to circulate through the news wires about expected US soybean acreage over the next two weeks. May closed at $10.49 ½, up 8 ¾ cents, July closed at $10.60 ¼, up 9 cents and November closed at $10.41, up 7 ¾ cents. Products were mixed with meal up $1-$2 bucks and soyoil down 8 points. May beans reached a high of $10.50, just shy of its 20-Day MA of $10.51 ½, but failed to hold at or above that level. The Brazilian soybean harvest is at 58% complete compared to 62% last year and 55% on average.