StateLine Cooperative Afternoon Comments January 20th
Corn North Burt: down 4 $4.92
Despite sounding like a broken record, the corn market traded lower on favorable rains across Brazil and Argentina and a bout of profit taking. Prices bounced off their lows on renewed talk of tightening US stocks and decent demand.
- Closes: March at $5.21 ¼, down 4 ¾ cents, July at $5.18, down 7 cents, December at $4.47 ½, down 7 ½ cents.
- The EPA granted 3 waivers to exempt oil refiners from current US blending obligations regarding biofuels.
Soybean: down 16 @ $13.16
Soybean prices hit the skids overnight and early I the morning on rains across Brazil and Argentina. Trade estimates suggest that Brazil could reap another record crop despite dryness early in the planting season. Harvest is expected to begin in early February.
- Closes: March at $13.68 ¼, down 17 ½ cents, July at $13.49 ¾, down 19 ½ cents, November at $11.70 ¼, down 18 ½ cents.
- The products finished in mixed territory with meal down 8-9 bucks and oil up 77 points.
- More rain is expected for Brazil this and next week with dry spots getting smaller. Argentina has gotten decent amounts of rain but could see dryness return next week.
- The canola market got thumped from speculative fund selling after the big rally over the past several weeks. Panic selling on the part of the farmer was noted. The nearby contract closed down 16 bucks at $648.10/per cwt.