Grain News - September 2016

EET Patrons,

I hope everyone had a great summer and enjoyed the Wood Lake Fair - I know I did. The summer flew by and all of a sudden we’re right on the verge of another harvest. We spent August cleaning bins and getting our equipment, facility, and piles ready for the new crop. Our plan is to get you in and out as quickly and safely as possible. Harvest hours will be normal business hours plus extended hours and weekends when weather and harvest pressures dictate. Just to give you an idea of hours, 7:00 a.m. – 8:00 p.m. is what we will tentatively plan on in ideal harvesting conditions. Hours will be posted on the scale window each day and my cell phone will be an open line to contact me 507-829-1531 if you have any questions about hours when we get into harvest.

Crops look great for the most part in the key U.S regions at this point. The USDA is predicting a 175.1 bpa corn yield with a total production of 15.15 billion bushels. Soybeans are projected at a 48.9 bpa yield, with total production at 4.06 billion bushels. These are some staggeringly high numbers, but with the current low prices the export and processing demand for both crops has been eating away at our supply and keeping the predicted carryout numbers fairly in check. Let’s hope this keeps a floor underneath current price levels moving forward and we get some opportunities to price grain in the black again.

This summer the board approved a few changes to our grain policies which will be implemented September 1st. Moisture and storage policies are summarized below, and full discount information is attached.


  • Drying will be 2.5 cents per half point of moisture.
  • Shrink will be 0.75% per half point of moisture.
  • Grain Bank, Cash, or Contract dried & shrunk to 15%.
  • Price Later dried & shrunk to 14%.
    • Price Later will be 3 cents/month.
    • Price Later cannot be transferred into Grain Bank, Open Storage, or a contract. Therefore, all uncontracted Corn will be put on Open Storage unless Pam or Jory is notified to put on P.L.
  • Open Storage will be dried & shrunk to 13%.
    • Open Storage is 4 cents per month, rated by the day.
  • Grain Bank is dried & Shrunk down to 15% year round.
    • 2 cents to deposit corn into G.B. (unless buying corn from EET).
    • 2 cents per month Storage charge, charged on balance remaining at the end of the month.


  • 1.5% shrink from 13.1-13.5% moisture, then 1% shrink per half point 13.6 & up. 
  • Price Later is 4 cents per month, rated by the day. Price Later cannot be transferred into Open Storage or a Contract.
  • Open Storage is 5 cents per month, rated by the day.
  • All Soybeans not contracted will be put into Price Later unless Pam or Jory is notified differently at the time of dumping.

I look forward to seeing how this crop turns out, and hope everyone has a great harvest. Let me know if there’s anything you need from EET as we gear up for the busy season.

Jory Bossuyt,
Grain Merchandiser

Grain Team: Pam Redetzke, Nathan Bahn & Johnnie Brandts


Grain News - June 2016

Wow - what a crazy couple months in the soybean market. I’m not sure who in the industry saw $10.70+ July futures after such stagnant trading below the $9.25 level since late last summer, but it’s given farmers some good opportunity to get close to $10.00 cash on both old and new crop bushels. We can thank the funds for fresh money being injected into the market and leading us upwards.

The May 10th USDA report surprised us by trimming the 15/16 carryout from 445 million bushels down to 400 million bushels. This is a large reduction, but still seems to be a comfortable level as evidenced by the weakness in nearby and summer basis. 16/17 carryout stands at 305 million bushels, a number that could easily be trimmed with a yield reduction below the current 46.7 BPA predicted. World carryout was also reduced, caused by continued good demand and some crop troubles down in South America.

Corn hasn’t seen quite as much volatility as soybeans, but we have been buying small amounts of New Crop around $3.40. Not quite the comfortable levels you need to cash flow, so let’s hope for some favorable levels to get bushels priced. It seems like there’s still plenty of corn tucked in the bin at home, so if I can help you move and market some old crop in the upcoming months, give me a call.

This year we’ll be accepting wheat out of the field. Check our website for the cash bids and the 2016 Wheat Policy, which is located under the Grain tab, then click Grain Policies. Since wheat discounts at the end user are always changing depending on how the crop turns out, they aren’t as clear-cut as corn & soybean discounts, but I will try to post them definitively closer to harvest. We’ll be sending samples off to state graders, so there will be a delay before we are able to pay for your wheat this year. Lastly, due to limited space and time before corn & soybean harvest, we will not have a storage or price later policy so all wheat will need to be forward contracted or will be sold at the closing price on the day it’s delivered.

Just a few reminders for you... Price later must be sold by July 31st, or it will be priced at the closing price of that day. Free Price Later must be priced by August 15th, or it will be priced at the closing price of that day.

I hope everyone had a safe and efficient planting season, and we look forward to a great growing season. Hope to see you soon in the office, around town, or in August at the Wood Lake Fair!

Jory Bossuyt
Grain Merchandiser


Grain News - March 2016


By the time you get our newsletter in the mail, we should be seeing some mild March weather. Seems crazy to me that another planting season is less than a couple months out!

We now have both of our piles picked up and in good condition, and we are offering Free Price Later as space allows. Corn will be dried and shrunk to 14% moisture, and must be priced by August 15th or it will be priced at the closing price of that day.

At the time of writing this, corn has been stuck in about a 25 cent range since the New Year, and soybeans have stuck to just under a 40 cent range. A slightly bearish Feb 9th USDA Supply/Demand Report luckily didn’t push much to the downside and funds still hold a large short position. These are a couple bright spots in the overall commodity picture. However, the U.S. Dollar has remained fairly strong while competing export countries’ currencies have stayed weak. It also seems like South American crops are developing well at this time. I wish I had a better outlook, but at this time there’s nothing too promising in the near term.

Basis has backed off since the first of the year as the processor seems to have enough ownership in the nearby months. Some ethanol plants have quit buying corn through April and are only posting contract overrun bids. Luckily we have not seen that too close to our area. Soybean crush margins haven’t been too great, which isn’t helping the soybean processor bid either.

We are offering the EET Grain/Agronomy Loyalty Program again for the 2016 crop! If you aren’t aware of it, please ask Brooks or myself for more details. Summary below...

  • To qualify for a $0.10/bu bonus on corn on up to 175 bu/acre on eligible acres, you must purchase $100/Acre of fertilizer and chemical inputs from EET.
  • To qualify for a $0.10/bu bonus on soybeans on up to 60 bu/acre on eligible acres, you must purchase $30/Acre of herbicide and insecticide from EET.
  • This is not locking your crop into being sold at EET; if there is a better market that you want to sell into, you are able to do that.

Tom, Brooks and I will be bringing in a trader from FC Stone for a marketing meeting on Wednesday March 30th at 10:30 a.m. This will be a pre-report look at the Quarterly Grain Stocks and Prospective Plantings USDA reports that come out the next day, along with a look at livestock markets. Brooks will also give a quick Agronomy update for the upcoming season. We will provide lunch. Please let us know if you plan to attend so we have an idea of the number attending. Hope to see you there!

I hope everyone has a safe planting season with minimal delays or breakdowns. We could use it with prices like these.

Jory Bossuyt
Grain Merchandiser