Checking in with Adam Teicher, who covers the Kansas City Chiefs for ESPN:1) A pretty impressive Week 1 by Patrick Mahomes. Is it even possible for him to be better than he was last season when he won the MVP?It’s difficult to see Mahomes topping his stats from 2018, when he became only the second player in NFL history to get to 50 touchdown passes and 5,000 yards. But he can still have a greater impact on games even if he throws, say, 40 touchdowns and 4,500 yards. His impact on last …
Share Facebook Twitter Google + LinkedIn Pinterest The USDA report was neutral corn. Increased exports are supportive but a 2 billion bushel carryout next year is burdensome.The drop in next year’s bean carryout is was very supportive and I was surprised that the market didn’t close significantly higher. Perhaps “buy the rumor sell the fact” was in play.Wheat was extremely bearish. I don’t normally talk about wheat, but world carryout next year is projected to be 20% higher than what corn will be. Wheat is going to be fed around the world, long term I expect this to hurt corn demand and suppress both wheat and corn prices unless we have a drought.Last week USDA reported the corn crops looked fantastic, with 75% good/excellent ratings. After warm and dry weather, I expect the USDA will pull back on that estimate. Farmers and funds still remember 2012. While further doom and gloom could bring an additional price rally, I think current prices are a good opportunity to price some 2016 grain. People sometimes forget 2012 followed two years of below average rainfall, which is not the case for 2016.Most U.S. farmers need around $4.25 futures to breakeven or make a slight profit. While memories of 2015 when prices rallied to $4.50 and then dropped quickly to $3.50 are still fresh in my mind, it’s important to realize this is not typical. Usually prices are a gradual decline from the summer high to the harvest low. I suspect many will wait to see what the weather brings us over the next couple of weeks.Funds are still in charge, causing a wild ride for beans. Many processors have dropped basis recently and/or rolled bids to Nov futures, indicating they are “comfortable.” Exports have remained strong and support prices. If there would be any cancellations down the road, expect a bumpy ride in the bean market. The USDA report showed ample carryout this year though. So, there will continue be questions regarding acre counts and yield estimates, which will likely keep plenty of premium in the price for another 60 days. Weather and acreageIn the next 30 days we will get a many answers to questions we have been pondering for months. Weather is the biggest driver. It’s going to be warm, but will there be ample moisture? On June 30 we’ll know how many additional bean acres we gained and if we lost very many corn acres. Prevent plant acres should be lower this year with recent dryness. A month from now we find out if the national yield has dropped very much yet. The market has substantial risk built in and there will need to be justification for the premium to remain. The market places its bets before we know the answer and opportunity is usually gone by the time we actually have the answers we need. Market ActionOn Monday and again Wednesday last week, an order I placed 6 months ago hit at $4.28 and $4.38 on Dec corn futures against 5% of my planned production for each sale. As always, I hope for rallies, but will continue to sell at profitable levels.I am currently 55% sold using futures with another potential 25% in sales that vary based upon corn prices in late June, Aug, and Nov. At this time I estimate most of the calls will hit, meaning I could be near 80% sold with at least a $4.30 futures average. My goal is to be 100% done by September and have a start on 2017’s crop at values above 2016’s average. Production problemsOne of the best reasons to use futures for hedging, over direct sales to end users, is flexibility with production problems. Over the last couple weeks, clients who are approaching 80% to 100% sold for their 2016 corn crop, became concerned if earlier wet weather or now the dry weather would cause production problems and if they would be unable to fulfill their sales obligations. Using futures means these farmers had choices. 1. The obvious choice — just buy the futures back. This could result in a loss or a gain depending where sales were made initially and when the farmer buys the grain back.2. Alternative Choice — Move the sale from the current crop year to the next crop year. Why wouldn’t you just recommend a profit or loss?In many years there is a premium for selling futures contracts a year out. So, farmers buy back the sold futures for this fall and sell futures at the same time the following year. This allows farmers to pick up the spread profit between the two crop years. With the current rally in the markets the corn spread is actually a small loss today and beans are a bigger loss.While this may be a bad week to take option #2, during harvest the market situation could be different. Historically, it is: “I could make a premium by moving some bushels from one year to the next. It’s not necessarily a guarantee and it’s only with a very limited number of bushels, but it’s another grain marketing strategy that trends show makes a premium that I can use if conditions are right.” Comparing these choices with asking an end user to let a farmer out of a contractRegardless, both alternatives above are more flexible than a contract with an end user. There could be nearly a 20-cent per bushel charge to be let out of a contract or move a sale a year forward. Every end user is different and offers different programs. The elevator needs to make a profit on the grain that was promised to them. It takes time and energy to find other grain to cover the sale that a farmer previously had sold the elevator. The elevator needs to charge for this expense. Actually, they are doing farmers a huge favor when they let them out of contracts, even with an expense/penalty.There have even been cases where clients with grain priced on futures were approached by neighbors asking if they would be willing to sell their corn as silage. Since the farmers are priced using futures and not an end user, my clients were able to sell corn as silage for a premium.There is so much more flexibility and opportunities for farmers selling grain using futures. Most farmers should be taking advantage of this for the majority of their grain, and not be worried about production problems. While production issues can happen, usually it is limited in nature and less frequent than imagined.Jon grew up raising corn and soybeans on a farm near Beatrice, NE. Upon graduation from The University of Nebraska in Lincoln, he became a grain merchandiser and has been trading corn, soybeans and other grains for the last 18 years, building relationships with end-users in the process. After successfully marketing his father’s grain and getting his MBA, 10 years ago he started helping farmer clients market their grain based upon his principals of farmer education, reducing risk, understanding storage potential and using basis strategy to maximize individual farm operation profits. A big believer in farmer education of futures trading, Jon writes a weekly commentary to farmers interested in learning more and growing their farm operations.Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Superior Feed Ingredients, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. 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Chief Minister Naveen Patnaik on Friday condoled the demise of Kalpana Dash, Odisha’s first woman mountaineer, saying it would inspire generations of young women in the State.Kalpana (50) died after scaling the Mount Everest on Thursday. She had complained breathlessness while descending from the Everest peak. She died near Balcony area.Kalpana had left for Everest on April 23. She along with Kanchimaya Tamang of Nepal and Liamu Mank of China had conquered the Mt. Everest. Her family members were informed about her death through Whatsapp message. The body of the mountaineer was still in the balcony area. Relatives of Kalpana would travel to Nepal to receive her body.The woman mountaineer from Odisha had first scaled Mt Everest in 2008. During her decade and half-old career, she had trekked many mountains conquering peaks in Europe, America and Australia, besides India.“I am saddened to learn about the demise of Kalpana Dash while descending from Mt. Everest. Her legacy in mountaineering will inspire generations of young women in the State,” said Mr Patnaik expressing condolences to the bereaved family.
View comments Don’t miss out on the latest news and information. MOST READ Johnson was one of two premiere acquisitions by ONE last year with Eddie Alvarez the other.Alvarez, however, suffered a TKO loss in his ONE debut at the hands of Timofey Nastyukhin.Sports Related Videospowered by AdSparcRead Next PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss LATEST STORIES Google Philippines names new country director Bloomberg: US would benefit from more, not fewer, immigrants TOKYO, Japan—Different promotion but same Demetrious Johnson.ADVERTISEMENT Panelo: Duterte ‘angry’ with SEA Games hosting hassles Trump tells impeachment jokes at annual turkey pardon event The 32-year-old Johnson, who signed with ONE Championship five months ago, did not disappoint in his long-awaited debut.Johnson waited for his time and when it came late in the second round, he pounced on it.The grappling sensation saw an opening and went for a guillotine choke that left Wakamatsu with no option but to tap out.Demetrious Johnson makes a STATEMENT in his ONE debut, submitting Yuya Wakamatsu with a tight guillotine choke at 2:40 of Round 2! @MightyMouse #WeAreONE #ANewEra #Tokyo #MartialArts pic.twitter.com/K4yOpTfmQJ— ONE Championship (@ONEChampionship) March 31, 2019ADVERTISEMENT Wintry storm delivers US travel woes before Thanksgiving Cayetano: Senate, Drilon to be blamed for SEA Games mess Private companies step in to help SEA Games hosting UAAP volleyball: La Salle gets back at UST for solo no. 2 Johnson made quick work of Yuya Wakamatsu with a second-round submission in their Flyweight World Grand Prix quarterfinal in ONE: A New Era Sunday at Ryogoku Kokugikan here.Demetrious Johnson breaks down his epic battle with Japanese superstar Yuya Wakamatsu 🎤 @MightyMouse #WeAreONE #ANewEra #Tokyo #MartialArts pic.twitter.com/gktZwfO2vsFEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logistics— ONE Championship (@ONEChampionship) March 31, 2019 Colombia protesters vow new strike after talks hit snag
It’s unclear at this time just how many within NJMG’s magazine group will be affected. The flagship (201) Magazine enjoys a monthly circulation of around 50,000 across Bergen County, about half of which is unpaid, according to data from the Alliance for Audited Media. Those figures have generally held steady for the past several years. 426 employees across the entire company will receive state-mandated layoff notices by week’s end, but according to Gannett East’s northeast regional president, Tom Donovan, only about half of them will actually be out of a job. The other half will be placed in “newly defined news and advertising roles.” The less-fortunate will be dismissed by mid-November. North Jersey Media Group (NJMG), publisher of local newspapers The Record and Herald News as well as the monthly (201) Magazine and a litany of sister-titles, will soon lay off about half of its overall workforce, the company announced today. The group also publishes, with varying levels of frequency, (201) Gold Coast, (201) Family, (201) Home, and (201) Bride, as well as a handful of once-annual issues such as (201) Health and (201) Dining. The restructuring, according to NJMG, is aimed at further shifting the company’s focus to digital media. The news comes just over a month after USA Today and Asbury Park Press owner Gannett purchased NJMG from the Borg family, which had owned The Record since 1930, for an undisclosed sum. Representatives for both Gannett and NJMG were not immediately available for comment. “Since Gannett’s July acquisition, we have recognized that NJMG must transform even faster to meet the ever-changing demands of readers, advertisers and the communities we serve,” said Donovan in a prepared statement. “In response, we are reinventing our newsroom, sales team and other business divisions.”