STATELINE COOPERATIVE’S AFTERNOON COMMENTS JUNE 1st

Corn North Burt: down 2 @ $ 6.47

 Dec futures traded a tick above Monday’s high, while July met resistance at its 50-day moving average and settled down 1 ½ cents. The weaker dollar is beneficial for exports and weather forecasts look hot and dry for June.

• Weekly corn export sales are estimated at (100k)- 400k MT old crop and 0-300k MT new crop.
• Weekly ethanol production was up 21k barrels per day to 1.0 million bpd. Ethanol stocks were up 291k barrels to 22.33 million barrels. Gasoline demand was down 339k bpd to 9.098 million bpd.
• Brazil exported 384,884 MT of corn in May vs 1,088,472 MT a year ago.
• A private analyst raised their safrinha corn crop estimate from 100.8 MMT to 102.9 MMT and raised total Brazil corn production from 131.59 MMT to 133.75 MMT.
• Spreads: N23/U23 68’6 inverse, U23/Z23 5’6 carry, Z23/H24 9’4 carry.

 Soybean: up 30 @ $13.11

We saw bargain buying in soy today, as soyoil added some confirmation to yesterday’s doji chart pattern reversal, July beans traded solidly back above $13/bu and meal above $400/ton.

• Weekly soybean export sales are estimated at (100)-300k MT old crop and 0-450k MT new crop. Soymeal sales are estimated at 175k-500k MT old and 0-125k MT new, and soyoil sales 0-20k MT old and 0-10k MT new crop.
• The USDA April fats and oils report showed crush at 5.609 million tons vs 5.543 million estimate and 5.426 million tons a year ago.
• Brazil exported 15.61 MMT of soybeans in May vs 10.64 MMT a year ago.
• A private analyst left their Brazil soybean production estimate unchanged at 157.68 MMT.
• Spreads: N23/Q23 152’0 inverse, Q23/U23 66’4 inverse, SU23@SX23 8’0 inverse.

If you have questions or just want to talk to someone about grain call any of our Grain Origination Team members: Jeff Rahe 515-924-3892, Greg Matheson 712-868-3150 If you would like to see a complete listing of SLC grain prices, please click on the following web site. www.statelinecoop.com. This data and these comments are provided for information -mail service, click on reply and type unsubscribe. Although all information is believed to be reliable, we cannot guarantee its accuracy and completeness. Commodity trading involves risks, and you should fully understand those risks before trading. Some comments are the opinion of this author and not the opinion of Stateline Cooperative.

STATELINE COOPERATIVE’S AFTERNOON COMMENTS

Corn North Burt: down 4 @ $ 6.31

May corn started the session off last night slightly higher, but remained defensive for the rest of the session.

• The UN and Russia began talks today about renewing the Ukraine grain export agreement, which expires March 18^th.  Early reports are that Russia would consider only a 60 day extension of the deal, half the time of the last one.
• Analyst APK-Inform estimates that Ukraine has only about 35% of the pesticides they need for their Spring planted crops.
• Export inspections for last week were a marketing year high of 999.3tmt, up 66tmt from the previous week.
• Closes: May down 3 ¾ cents at $6.13 ½ , July down 3 ½ cents at $6.03 , December down ½ cent at $5.57 ¼ .    
• Spreads: K/N 10 ½ cent inverse, N/U 39 cent inverse.

 Soybean: down 16@ $14.41

May soybeans fell below last week’s low and settled only a ¼ cent off today’s low.  Weak outside markets played a part, as well as some forecasts for rain in Argentina later this week.

• AgRural estimated Brazil’s soybean harvest to be 53% complete as of late last week.
• Export inspections of soybeans were 618.8tmt, up 66.4tmt from the previous week.
• Soybean closes: May down 15 ¾ cents at $14.91 ¼ , July down 15 ¾ cents at $14.79 , November down 18 ¼ cents at $13.39 ¼ .
• Spreads: K/N 12 ¾ cent inverse, N/Q 38 ¾ cent inverse, N/X $1.40 ¼ inverse.

  If you have questions or just want to talk to someone about grain call any of our Grain Origination Team members: Jeff Rahe 515-924-3892, Greg Matheson 712-868-3150 If you would like to see a complete listing of SLC grain prices, please click on the following web site. www.statelinecoop.com. This data and these comments are provided for information -mail service, click on reply and type unsubscribe. Although all information is believed to be reliable, we cannot guarantee its accuracy and completeness. Commodity trading involves risks, and you should fully understand those risks before trading. Some comments are the opinion of this author and not the opinion of Stateline Cooperative.

STATELINE COOPERATIVE’S AFTERNOON COMMENTS MARCH 13th

Corn North Burt: down 4 @ $ 6.31

May corn started the session off last night slightly higher, but remained defensive for the rest of the session.

• The UN and Russia began talks today about renewing the Ukraine grain export agreement, which expires March 18^th.  Early reports are that Russia would consider only a 60 day extension of the deal, half the time of the last one.
• Analyst APK-Inform estimates that Ukraine has only about 35% of the pesticides they need for their Spring planted crops.
• Export inspections for last week were a marketing year high of 999.3tmt, up 66tmt from the previous week.
• Closes: May down 3 ¾ cents at $6.13 ½ , July down 3 ½ cents at $6.03 , December down ½ cent at $5.57 ¼ .    
• Spreads: K/N 10 ½ cent inverse, N/U 39 cent inverse.

 Soybean: down 16@ $14.41

May soybeans fell below last week’s low and settled only a ¼ cent off today’s low.  Weak outside markets played a part, as well as some forecasts for rain in Argentina later this week.

• AgRural estimated Brazil’s soybean harvest to be 53% complete as of late last week.
• Export inspections of soybeans were 618.8tmt, up 66.4tmt from the previous week.
• Soybean closes: May down 15 ¾ cents at $14.91 ¼ , July down 15 ¾ cents at $14.79 , November down 18 ¼ cents at $13.39 ¼ .
• Spreads: K/N 12 ¾ cent inverse, N/Q 38 ¾ cent inverse, N/X $1.40 ¼ inverse.

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