STATELINE COOPERATIVE’S AFTERNOON COMMENTS MARCH 24th

Corn North Burt: up 12 @ $ 6.73

The corn market traded higher on technicals and spillover strength in the wheat market.  Concerns are sifting about possible delays in corn plantings in the Northern Plains area. Prices drew support from expectations for reduced corn acres from that of The Ag outlook Forum and last year.

• Closes: May 11 ¼ cents higher at $6.43, July 12 ¼ cents higher at $6.23, September 9 ¼ cents higher at $5.69 ¼, December 8 cents higher at $5.60 ¼. Red Dec closed 5 cents higher at $5.42 ¼.
• The USDA announced the sale of 204k tonnes of US corn for the current marketing year (2.725 mmt since March 13).
• Farm Futures 2023 acreage survey pegs corn acres at 87.677 million acres (88.579 million last year).
• Commitment of Traders report shows estimated fund short at 53k contracts (78k previously).
• Spreads: K/N 20 ¼ inverse, N/U 54 ½ inverse, N/Z 63 ½ inverse, U/Z 8 ¾ inverse, Z/H 8 ¾ carry.

 Soybean: up 9 @ $13.83

The soybean market traded higher in sympathy with the wheat and corn market. Prices retreated midday on ideas of increased acres for 2023 and positioning ahead of next week.  May beans lost 48 cents for the week and November beans lost 40 ¼ cents for the week.

• Closes: May 8 ¼ cents higher at $14.28 ¼, July 7 ¾ cents higher at $14.06 ¼, August 7 ½ cents higher $13.61, November 15 ¼ cents higher at $12.73 ¼. Red Nov closed 11 ¼ cents higher at $12.22 ¼.
• The products were higher with meal up 6-7 bucks and oil up 110 points.
• Commitments of Traders report for 3.21.23 shows estimated fund length at 95k contracts for beans (111k previously), 115k contracts for meal (134k previously) and short 26k contracts of soyoil (short 23k previously).
• Farm Futures 2023 acreage survey pegs soybean acres at 89.620 million (87.450 last year).
• Spreads: K/N 22 ¼ inverse, K/XX 156 inverse, N/Q 45 ¼ inverse, N/X 133 ¼ inverse, Q/X 88 inverse, X/F 6 ¼ carry.

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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