Stateline Cooperative Morning Comments May 16^th 2022

Corn Up 14 @ 7.97

• Trader’s will be watching today’s Crop Progress report, expecting to see good planting progress this past week in all but Northern areas.  The average pace for this week is 67%, while last week’s progress was only 22%.
• NOAA’s 6-10 and 8-14 day outlooks continue to project above normal precipitation for the Eastern 2/3 of the cornbelt, while  cooler temperatures are expected.
• The December 2022/December 2023 corn spread jumped to a new contract high of $1.14 1/4 inverse overnight.

            Beans Up 13 @ 15.99

• The NOPA Crush report will be released at 11:00am CT this morning; the average estimate is 172.37 million bushels of soybeans were crushed in April, which would be a record for the month.
• The average pace for soybean planting progress on this date is 39%, while last week’s progress was 12%.
• China’s June Dalian futures contract was 51 cents/bu higher last night.
• USDA announced Friday morning a sale of 132tmt of soybeans to China for 2021/2022.

STATELINE COOPERATIVE’S AFTERNOON COMMENTS MAY 13th

Corn North Burt: down 10 @ $ 7.83

December corn made a new contract high of $7.58 ½ in today’s session in follow-through strength to yesterday’s friendly report.  The May contract expired today with a sharp loss that also pressured the nearby spread.

• Trader’s will be watching Monday’s Crop Progress report, expecting to see good planting progress this past week.  The average pace for this week is 67%; last week’s report was 22% actually planted.
• NOAA’s 6-10 and 8-14 day outlooks continue to project above normal precipitation and temperatures for much of the cornbelt.
• Closes: May down 19 cents at $7.94 ½ , July down 10 ¼ cents at $7.81 ¼ , December down 4 ¼ cents at $7.48 ¾ .
• Spreads: K/N 15 cent inverse, N/Z 33 ½ inverse, Z2/H3 3  carry.

 Soybean: up 33 @ $15.83

July soybeans rallied back to their 50 day moving average today, gaining strength from the expiring May contract, which closed 63 cents higher on the day, and good export news.

• The May/July soybean spread had a wide range of trade today as the May contract expired at Noon.  It went from a low of 39 ½ cent inverse to 80 cents, which is where it ended.
• The April NOPA Crush report will be released Monday morning; the average estimate is 172.37 million bushels of soybeans were crushed in April, which would be a record for the month.
• USDA announced 132tmt soybeans sold to China for 2021/2022.
• Closes: May up 63 cents at $17.23 ¼ , July up 32 ¾ cents at $16.46 ½ ,  November up 17 ¾ cents at $14.98 ¼ .
• Spreads: K/N 80 inverse, N/X 149 ½ inverse.

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