StateLine Cooperative Afternoon Comments February 26th

Corn North Burt: down 2 $5.28

The corn market traded lower on lack of fresh supportive news. Most months closed above the lows of the day.

• Closes: May at $5.47 ½, down 2 ¼ cents, July at $5.35, down 4 ¾ cents, December at $4.70 ¾, down 3 ¼ cents.
• Gulf premiums were 1 cent weaker for March and 2 cents weaker for A/M.
• Spreads: K/N 12 inverse, N/U 46 ¼ inverse, U/Z 18 ¾ inverse, Z/H 7 ¾ carry.

Soybean: down 3 @ $13.64

The soybeans market traded lower on big SA crop ideas from recent rain events, with the deferred months hit harder than the nearby. Prices in front months were supported from tight stocks, delays in the Brazilian harvest and slowed country movement. Mpls gained on KC and Chicago.

• Closes: May at $14.04 ¼, down 3 ¼ cents, July at $13.91 ½, down 5 ¾ cents, November at $12.23, down 7 ¾  cents. The products were weaker with meal down 1-2 bucks and oil down 27 points.
• Gulf premiums were mostly unchanged for M/A/M.
• Soyoil futures drew support wit the emergence of the bargain buyers.
• Biodiesel production rose from 151 million gallons in November to 159 million gallons in December, with soyoil being reported as the primary ingredient (744 million pounds used in December versus 683 million pounds used in November).
• AgResource estimated the 20/21 Brazil soybean crop at 129.98 mmt, up from their previous estimate of 128.0 mmt.  This compares to the USDA at 133.0 mmt.

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