**Directed by the ODA as a result of the passage of Senate Bill 66, "Changes to Ag Commodities Warehouse Law", Central Ohio Farmers Co-op will beginning collecting 1/2 cent per bushel on grain delivered on and after April 1, 2014 for the Agricultural Commodity Depositors Fund. This will be collected on corn, soybeans, and wheat. The collection will be in effect until the ODA issues a notice to stop collecting.**
If you have any questions please feel free to contact the grain department at (740) 382-8132.
Today was the beans and wheat show. May beans closed at contract highs and November the highest since August 2013. NOPA released the March bean crush figure today,a whopping 153.8 million bushels. This was above all expectations and is clearly an unsustainable crush volume. The U.S. just doesn't have the bean stocks and can't import them fast enough to support that kind of crush volume. Wheat sharply higher again as TX/OK had low temps last night in the low 20's. Corn was a bystander today. Weather still looks better into late week, but some forecasts are calling for rain again early next week.
The Commodity Futures Trading Commission's relationship with the grain industry is rocky, at best. The House Agriculture Committee reprimanded the Commission's rulemaking process last week by including language in a bill that undid a controversial rulemaking on residual interest, a concept that commercial hedgers argue would cause the cost of hedging to skyrocket.