10/7/2020
Oct 07, 2020
The markets were wild again today as the bean story continues to heat up. Beans put in a new high for the move today at 10.5975 before once again fading into the close. The market continues to tell everyone that it wants the beans in November, December, and January and is inverting hard in the deferred months and Nov to May is now at a 26-cent inverse. Bean space in the elevators systems are getting very tight as I am hearing about lots of ground piles. As you saw yesterday, I decided to go to cash only on soybeans for the time being on future deliveries. Space is getting very tight, which is a good problem. Our goal as an elevator is always to be full coming out of harvest because it gives us the best sales opportunities in the future. I just want to assure you we are doing everything we can to keep dumping your soybeans and make room. I appreciate all your business as always. This policy is not meant to scare you away, it's meant to entice a few beans to go in the bin and in turn you can put the 15-cent cash carry in your pocket for doing so. If you have any questions about it feel free to call me.