close [X]
Feed & Grain LIVE! Agribusiness education conference starts in
November 27, 2018 | Grain Hedge Insights | Kevin McNew | Views: 324

Trump Threatens to Raise Tariff Rate on Chinese Goods

President also mentioned putting into place $267B more in tariffs if China does not meet his demands on trade

Trump Threatens to Raise Tariff Rate on Chinese Goods

President Trump Threatens to Raise Tariff Rate on $200 Billion of Chinese Goods

Late yesterday, President Trump claimed that he may increase the tariff rate from 10% to 25% on $200 billion worth of Chinese products. These tariffs were implemented by the U.S. earlier this summer.

President Trump also mentioned that he may put into place $267 billion more in tariffs if China does not meet his demands on trade, effectively placing tariffs on all imports from China. President Trump and Chinese President Xi Jinping will meet with one another later this week in Argentina for the G20 Summit.

USDA Crop Progress Report Shows Corn, Soy Harvest Nearly Finished

According to this week’s Crop Progress report from the USDA, the US corn crop is 94% harvested, up from 90% the previous week and behind the average at 98%. Illinois is now 100% complete, but the Dakotas, Nebraska, and Minnesota remain behind average, following recent winter weather and a wet fall. For soybeans, the USDA pegs harvest as 94% complete nationally, compared to the 5 year average of 98%. Illinois and Ohio are both finished with harvest but states in the west continue to lag behind. Winter wheat is now 95% planted, falling behind the average pace of 99% for this time of the year. A majority of the states included in the report are finished but Kansas and Oklahoma have some ground to make up.

Commitment of Traders Report Shows Speculators Turn Bearish Corn, Add to Soybean Shorts

For the week ending on Nov 20, money managers sold 25,826 contracts to give themselves a net short position of 7,845. This ends a 5 week run of speculators being bullish by having a net long position in corn. For soybeans, managed money added 5,221 contracts to bring their net short position to 60,246 contracts. Speculators also increased their net short position for Chicago SRW wheat by 11,164 to 37,848 contracts. For KC HRW wheat, speculators added to their net short position by 3,943 to total 5,214 contracts. This marks the second week in a row that money managers are bearish for KC wheat.

 

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

November 26, 2018 | Grain Hedge Insights | Kevin McNew | Views: 222

Brazilian Planting Continues at Record Pace

Argentine corn is nearly a third planted

Brazilian Planting Continues at Record Pace

Brazilian Planting Continues at Record Pace, Argentine Corn Nearly a Third Planted

The Brazilian soybean crop now stands at 82% planted, which remains the fastest pace on record and is 9% higher than this time last year. The weather forecast calls moderate rainfall totals in E and NE Brazil which may delay planting. Some of the earliest planted beans in Brazil could be harvested in less than 30 days, or just before Christmas, also a record early harvest. This could lead to the first export cargoes of soybeans leaving Brazil sometime in mid-Jan. Further south in Argentina, the corn crop is 36% planted and soybeans are 22%. The Buenos Aires Grain Exchange estimates planted area for soybeans at 44.2 mil acres and corn at 14.3 mil acres, increases of roughly 500,000 acres and 750,000 acres respectively.  

Export Sales Announcement

Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soft red winter wheat for delivery to Egypt during the 2018/2019 marketing year.

Chinese Import Data Shows Brazilian Imports of Soybeans Nearly Doubled In October

During the month of Oct, Chinese customs showed that nearly 6.53 MMT of soybeans were imported from Brazil, roughly doubling the amount imported during Oct 2017 of 3.37 MMT.  Also during Oct 2018, China imported only 67,000 MT of soybeans from the US, compared to 1.33 MMT in Oct 2017. The USDA reports that accumulated exports of soybeans are down 42% since the beginning of the crop marketing year on Sep 1 and sales to foreign buyers are down about 33%.

Winter Storm Warning Issued for N Illinois and Much of Michigan

The National Weather Service has issued a winter storm warning for Midwestern states near the Great Lakes. The warning will be in effect until 9 AM CSTl this morning. The NWS warns that the Chicagoland area and N Illinois should expect 8 inches of snow and as much as a foot in some areas. Strong winds are also forecast. In Michigan, much of the state is under a winter storm warning as well. Areas in the Thumb and near Detroit should expect 5-8 inches of snow and winds up to 30 mph.

 

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

November 26, 2018 | Monday Mycotoxin And Crop Report | | Views: 298

Monday Mycotoxin & Crop Report for November 26

This week focuses on new reports of fumonisin and zearalenone, the corn harvest’s final stretch and a Tech Tip from Tony

Monday Mycotoxin & Crop Report for November 26

This week focuses on new reports of fumonisin and zearalenone, the corn harvest’s final stretch and a Tech Tip from Tony: “Can rapid test kits work on feed samples?”

 

November 23, 2018 | Grain Hedge Insights | Kevin McNew | Views: 289

Weekly Ethanol Production Hits One-Month Low

Production fell to 1.042M barrels/day, a week-on-week drop of 25,000 barrels/day

Weekly Ethanol Production Hits One-Month Low

Weekly Ethanol Production Hits One Month Low, Stocks Draw Down

In this week’s report from the Energy Information Administration, ethanol production for the week ending on Nov 16 fell to 1.042 million barrels per day, a week-on-week drop of 25,000 barrels per day. This also marks the lowest level of production since Oct 19. Ethanol stockpiles also decreased during the same time period, drawing down by 723,000 barrels to 22.791 million barrels, the lowest level of supplies since Oct 26. Ethanol margins continue to remain depressed, as evidenced by the recent announcement that Green Plains is likely idling their Wood River, NE plant as they are no longer dried distillers grains (DDGs) for sale.

Export Sales Announcement

Export sales of 132,000 metric tons of corn for delivery to South Korea during the 2018/2019 marketing year; and, Export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

Corn Exports Remain Strong, Soybean Numbers Rise from Previous Week

From Nov 9-15, the USDA reported corn export sales of 877,400 MT, towards the high side of the range of analysts expectations and 50% higher than the 4 week average. The week’s biggest buyers were Mexico, Japan, and Peru. For soybeans, sales were reported at 680,500 MT, considerably higher than the previous week’s number of 470,400 MT. Major buyers of US soybeans were Germany, Taiwan, and Bangladesh. Wheat sales were reported at 330,400 MT, down 25% from the previous week and to the low end of expectations. Top purchasers were Mexico, Indonesia, and the Philippines.

Winter Weather Forecast Across Midwest From W Nebraska To Illinois

The National Weather Service has issues winter storm watches in the west in W Nebraska and parts of Kansas all the east through Iowa and into W Illinois. The storm watches will be in effect from late Saturday evening through until Sunday afternoon. E Nebraska and W Iowa are expecting high winds and as much as 8 inches of snow. E Iowa and W Illinois will see rain at first, which is expected to turn to snow, where the forecast also calls for nearly 8 inches and 30 mph winds. Travel conditions could be hazardous says the NWS.


 

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

November 21, 2018 | Grain Hedge Insights | Kevin McNew | Views: 532

Storage Costs in U.S. Skyrocket for Grains

Elevators are Raising Pricing on Storage across the Midwest

Storage Costs in U.S. Skyrocket for Grains

US Trade Representative Claims China Has Not Resolved Trade Issues, Leads To Uncertainty Between China And The US

A report released by the office of US Trade Representative Robert Lighthizer claims that China has not ended their use of “unfair” trade practices, including protection of intellectual property. Lighthizer’s office released this report in effort to uphold the Trump Administration’s pledge to monitor these practices used by other countries. China’s actions were further described as “unfair, unreasonable, and market-distorting”. At the end of November, President Trump and Chinese President Xi Jinping are both headed to Argentina for the G20 Summit. Both leaders have 1-on-1 time scheduled with one another.

Storage Costs Skyrocket In The US As Trade War Continues Through Harvest

As grain prices remain under pressure from the Trade War with China, elevators across the Midwest have been raising the price of storage. Its estimated that farmers in central Illinois could pay as much as 40% more for storage and some river terminals are charging as much as 60 cents per bushel to store soybeans through the end of the year. For 2018, US farmers planted the second most acres of soybeans ever at 89.1 million acres, but following retaliatory tariffs by China of 25%, demand has sputtered. In a typical year, nearly 60% of all US beans are purchased by China. Some farmers have chosen to seek new alternatives for on-farm storage. Grain bag equipment maker Neeralta has reported a 30% increase in grain bag sales from the previous year. Other farmers have decided to build their own piles or store grain in outbuildings, areas where the quality of the grain is harder to maintain.

Ukrainian National Railroad To Begin Limiting Shipments To Black Sea Ports

The national railway operator for Ukraine, Ukrzalyznytsya, has announced that they will begin to limit the volumes of grain that are shipped to ports along the Black Sea. Ukrzalyznytsya declined to give further comments on the situation. The shipping restrictions were put in place on Nov 20 and will remain in effect until Nov 22 but possibly longer, depending on the facility. Ukraine projects a record harvest of 68 MMT of all grain and expects to export 47 MMT during their crop marketing year, which runs from July 2018 to June 2019. Year-to-date grain exports are currently reported at 15.5 MMT.

 

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

November 20, 2018 | Grain Hedge Insights | Kevin McNew | Views: 383

USDA Crop Progress Reports Corn and Soybean Harvest Nearly Complete

Illinois is shown to be completely finished, as well as North Carolina and Tennessee

USDA Crop Progress Reports Corn and Soybean Harvest Nearly Complete

USDA Crop Progress Reports Corn And Soybean Harvest is Nearly Complete

Yesterday, the USDA reported that corn harvest in the U.S. is 90% complete, lagging behind the 5-year average of 93%. Illinois is shown to be completely finished, as well as North Carolina and Tennessee, both states in the East such as Ohio and Michigan have some catching up to do and recent snow and freezing rain are no help. For soybeans, the USDA pegged harvest as 91% complete nationally, coming in behind the 5 year average of 96%. Much of the central Midwest is behind average for harvest progress, largely due to recent winter weather. The USDA also reported that winter wheat planting progress is 93% complete, behind the 5 year average of 97%. Several states are completely finished but Oklahoma and Kansas continue to remain behind schedule.

Export Sales Announcements

  • Cancellations of export sales of 200,588 metric tons of corn for delivery to unknown destinations during the 2018/2019 marketing year.
  • Export sales of 123,567 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

EPA Will Propose New Biofuel Production Targets for Renewable Fuel Standard

Back in 2007, the EPA mandated that certain amounts of biofuels be blended into the US fuel supply and along with that, the EPA issued biofuel production targets for every year through 2022. The current EPA is considering revising these targets lower to be more in-line with the reality of current biofuel production. For example, the production volume for 2022 is slated for 36 billion gallons for all biofuels, but in 2018, the industry is estimated to produce only 20 billion gallons. Lobbyists for both the biofuel and oil industries are both requesting changes from Congress. Derrick Morgan of the American Fuel and Petrochemical Manufacturers calls for ethanol production to be dropped by 1 billion to 14 billion gallons per year, roughly 9.7% of total US gasoline demand. Emily Skor of Growth Energy, wishes to see the Renewable Fuel Standard move forward.

Slight Amounts of Snow Expected In Eastern Corn Belt

N Illinois and NW Indiana are gearing up for small accumulations of snow. The National Weather Service expects about an inch today through Wednesday evening. Scattered snow showers are expected to move further east into Michigan, primarily along the coastline of Lake Michigan. The eastern half of Michigan may see up 2 inches through the end of the week.

The USDA reported Michigan as only 74% finished with corn harvest and 83% for soybeans so this inclement weather may keep farmers out of the field for another few days.

 

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

November 19, 2018 | | Views: 371

Monday Mycotoxin & Crop Report for November 19

Corn harvest marches on, stay vigilant on testing and a new Tony's Tech Tip

Monday Mycotoxin & Crop Report for November 19

In this week's Monday Mycotoxin & Crop Report, the corn harvest marches on, stay vigilant on testing, and a new Tony's Tech Tip.

 

November 19, 2018 | Kevin McNew | Views: 294

Soybeans, Corn Give Up Ground in the Overnight

Soybeans slip nearly seven cents during overnight session as speculators continue to sell

Soybeans, Corn Give Up Ground in the Overnight

Managed Money Shows to Be Buyers Corn and Sellers of Soybeans

Managed money, a proxy for speculators, increased their net long position in corn by 1,271 to 15,833 contracts, the largest net long position since Oct 23. Wet weather across much of the Midwest during harvest may have led to the bullish position held by speculators.

For soybeans, money managers were shown to have increased their net short position by 10,619 to 49,485 contracts.

Speculators have turned bearish on KC HRW wheat for the first time since Jan 30, with a net short position of 4.449 contracts. However, speculators decreased their net shorts in Chicago SRW wheat by 13,440 to 28,525 contracts, the smallest net short position in about a month.

Private Exporters Report Sales Activity for South Korea

Private exporters reported to the U.S. Department of Agriculture export sales of 138,000 metric tons of corn for delivery to South Korea during the 2018/2019 marketing year.

Ratings for French Wheat Crop Are Lowest in Six Years

The initial condition ratings for the newly planted soft wheat crop in France is the lowest in six years, coming in at 82% good-to-excellent. France continues to deal with the effects of a drought earlier this year.

For the previous crop, soft wheat was rated as 97% G/E. The drought in France has also severely impacted yields for corn and sugar beets, as well as stressed newly planted rapeseed.

French farmers have planted 92% of the soft wheat area, slightly behind last year’s progress of 94%. Key growing regions of France did see some precipitation last week but more is needed, particularly in the northeastern part of the country.

Cold Temperatures with Little-to-No Snow Forecast for Central Midwest

Nebraska, Iowa, and Illinois are expecting cooler weather this week but very little in the way of precipitation or high winds, according to the National Weather Service.

Further to the east, central Indiana and Ohio are bracing for up to an inch of snow, although little accumulation beyond that is not expected.

Colder overnight temperatures may allow for some low-lying fields to freeze and let farmers finish off harvesting areas that were to challenging with all of the moisture received earlier this fall.

November 15, 2018 | Grain Hedge Insights | Kevin McNew | Views: 305

Soybeans Rally Overnight On Trade Talk Progress from China

Chinese government has written a letter to the White House as an opening bid to advance progress in trade talks between the two countries

Soybeans Rally Overnight On Trade Talk Progress from China

Soybeans Trade Higher Overnight On Positive Signs Between China and U.S.

The Chinese government has written a letter to the White House as an opening bid to advance progress in trade talks between the two countries. The letter does not address what the Trump Administration would consider key issues but is being taken as a sign that talks are progressing.

Overnight, Jan 19 soybeans rallied 9.25 cents to $8.9275 and Nov 19 traded 7.75 cents higher to $9.435. Corn and wheat were also higher during the overnight session.

At the end of the month, President Trump and Chinese President Xi Jinping are both scheduled to head to Argentina for the G20 Summit, where both leaders are set to have 1-on-1 meetings where trade will be the top priority.

Strategie Grains Improves Estimate for This Year’s European Corn Crop

Private consultant Strategie Grains has increased their estimate for the European corn crop in 2018. They see total production at 60 MMT, compared to their estimate of 59.4 MMT back in Oct and is 1% higher than 2017.

Much of Europe suffered from serious drought stress, particularly France and Germany, but these losses were compensated by better yields in Romania and Hungary.

Strategie Grains also projects this year’s soft wheat crop at 127 MMT, unchanged from the previous month but marks an 11% decrease from the previous year, largely due to drought.

Eastern Regions Of The Midwest Continue To Face Harsh Winter Weather

Central and S Illinois and SE Missouri are under winter storm and ice warnings, issued for this morning by the National Weather Service. The warnings will remain in effect until 6 pm this evening.

Further to the east, large parts of S Indiana are under an ice storm warning from the NWS. Up to 4 inches of snow and “significant icing” is in the forecast.

Winter storm warnings and advisories are in place all the way from the bootheel of Missouri and parts of the mid-South, up through the Ohio River Valley and Mid-Atlantic.

 

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

November 14, 2018 | Coach’s Corner | Greg Martinelli | Views: 437

Selling is Work

The more you work, the more you sell

Selling is Work

Over a long sales career, you will hear the full range of comments about selling. From “Oh, I could never be in sales” to “Must be nice to be in sales.”

Now, I understand most people are joking when they make these comments, but rooted in all humor is a little bit of truth. Let’s dissect the range of these comments.

Frequently, in discussions with accounting or operations staff, they make the comment, “I could never be in sales.” When I dig deeper, they explain that they think selling is some natural talent that people are born with. Like you have some gene that makes you a salesperson. We’ll talk on this myth in a moment.

Or they tell me, “I couldn’t be in sales because I don’t have the gift for gab.” Again, with the genetic myth. They continue, “Also, I would hate forcing someone to buy something they don’t want.”

These comments sound extreme, but I’ve heard them all from people with many years in the ag industry. It’s clear that these well-meaning folks had no idea what selling is about.

Now let’s deal with the other end of the spectrum: selling is the easy life. After several weeks of travelling and some long days, I decided I needed a break. So, on a Thursday afternoon, I loaded up my little fishing boat and planned to set out for the afternoon. As I hooked the boat trailer up, my neighbor made the comment, “Must be nice to be in sales.”

I jokingly replied, “We’re always hiring good salespeople. Grab your keys and join us!” It highlighted the fact that selling looks either extremely easy or like a genetic trait that only a few possess. Neither is true!

After many years of selling and managing salespeople, I’ve come to the conclusion that sales is work.  It’s true that some people come by it easier than others. However, if you can teach a person to sing, play an instrument or learn a language, then they can certainly learn how to sell. They just have to put in the work.

  1. Preparing: It’s so much easier to just skip this step and go into your next sales call with the plan to “wing it.” Who wants to spend time pre-call planning, doing homework on your prospect’s business, learning more than you are taught on the technical aspects of your products, creating an agenda for your sales calls, or having a purpose for your sales calls?
  2. Spending time learning about the customer: It’s so much easier to just go into the sales call, make some small talk and then start presenting on the product you came out to sell your customer. Who wants to spend time thinking up high value questions or spend time talking about anything but your products?
  3. Figuring out how to overcome objections: It’s so much easier to call in and get a price exception or complain that your customers are price buyers. Who wants to spend time digging into objections and understanding how to handle them? The marketing material shows the ROI on our products. Why can’t the customer see it for themselves?
  4. Following up: It’s so much easier to come up with an excuse not to make that second, third or 10th call on a prospect. After all, you explained the value of the product to them already. Won’t they call when they’re ready to buy?

These four areas are critical for growing your sales. In my experience, top performing salespeople don’t use any of the excuses I outlined above. They hustle!

Yes, it sometimes looks easy for them, but don’t be mistaken. There are months and years of work behind their success. In any one of the areas above, the more work you put into them, the more likely your selling success.

The trap that many salespeople fall into is that there is no guarantee. They mistakenly reason that, “I could do all that work and still not make a sale. So, why even try? Why not save myself all the time and effort, since I’ll probably get the same results? After all, I have made sales before without preparing.”

Again, this is a trap you need to resist as it’s faulty reasoning. You did get lucky at times and make a sale without putting in the work. However, how many more sales would you have made if you had put in the work?

Page 2 of 184 pages  < 1 2 3 4 >  Last ›

More Articles