Covid – 19 Update # 6
As of Monday August 10, 2020 SLC Covid-19 policy change will include the following:
The current policy will be in place until situations change. This policy is in conjunction with the Covid-19 decision tree plan sent last week. Please stay safe. Thank you.
StateLine Cooperative Afternoon Comments August 11
Corn North Burt: up 1 @ $2.76
El Derecho was the word spoken by many a weather forecaster yesterday to describe the system that traveled through Iowa and eastward. The system garnered a lot of attention on Twitter and was associated with a lot of damage to the Iowa grain storage system. Polling the customer base has at least 70 mbu of commercial storage that will need replaced/repaired for next season. Producer infrastructure damage is not known. Much is being made of the crop damage, but it will more likely that steel storage damage capacity will exceed that of crop damage. The market seems to judge it so with corn futures rising only a couple cents. Iowa is most likely going to show a sharp decline in G/E ratings next week as ¼ of the state is subject to falling a full category lower in the Excellent, Good, Fair, and Poor rating system
Soybean: steady @ $8.13
Soybeans hung close to the unchanged level despite condition ratings increasing WoW. The derecho talk did not impact soybeans as the weather winds easier even when full height. Corn is the only concern of the market and that level of concern isn’t high today. National G/E ratings improved 1 point to 74% vs 63% average. Historically 74% G/E ratings on this week are associated with yields 4%+ above trend. Supporting this week’s increase were ND (+2), KS (+2), MO (+2), IL (+2), and MI up 4 G/E pts. Tamping down the gains was Ohio’s 3 point drop, Indiana’s 1 point drop and Iowa’s expected 3 point fall. 92% of the crop has reached the blooming stage vs 89% average. 75% of the crop is setting pods vs 68% average.