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STATELINE COOPERATIVE’S AFTERNOON COMMENTS JUNE 24th
Corn North Burt: up 4 @ $ 7.85
Corn gained back some of this week’s losses with little change to fundamentals. July futures bounced off their 100-day moving average, while Dec still settled below its 100 day.
- A Reuters poll showed U.S. corn acreage at 89.9 million acres, up from 89.5 million in March.
- Weekly corn export sales were 671,900 MT old crop vs 300k-600k MT estimates and 358,400 MT new crop vs 200k-600k MT estimates.
- One analyst estimates Brazil could export 2 MMT of corn to China this year and up to 4 MMT in 2023, after the two countries recently signed a phytosanitary agreement. Brazil shipped 23,000 MT of corn to China in 2020.
- The weekly ethanol report is still delayed due to technical issues.
- Cattle on Feed report: on feed 101 vs 101.4 estimate, placed 98 vs 99.6, marketed 102 vs 103.
- Spreads: N22/U22 67’2 inverse, N22/Z22 76’2 inverse, Z22/H23 5’4 carry.
Soybean: up 13 @ $15.40
Chinese markets were down hard again last night and Malaysian palm futures ended the week 790 lower, but July soybean futures managed to settle 17 ½ higher. Board crush was up 19.8 cents to $1.10/bu after reaching a low of 58.8 cents on Wednesday.
- A Reuters poll showed U.S. soybean acreage at 90.4 million acres, down from 91 million in March.
- Weekly soybean export sales were 29,300 MT old crop vs -100k – 300k MT estimates and 265,000 MT new crop vs 50-500k MT estimates. Soymeal export sales were 8,200 MT old crop vs 100k-300k MT and 42,300 MT new crop vs 0-50k MT. Soyoil was 1,400 MT vs 0-25k MT estimates. Old crop soybean and soymeal were marketing year lows.
- Chinese commodity consultant Mysteel says China’s weekly soymeal inventories were up 14% to 1.09 MMT and have more than tripled in the past 3 months.
- Spreads: N22/Q22 83’4 inverse, N22/X22 184’0 inverse, SX22@SF23 4’0 carry.
Burt, Iowa (50522)