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Stateline Cooperative Morning Comments May 16th 2022
Corn Up 14 @ 7.97
- Trader’s will be watching today’s Crop Progress report, expecting to see good planting progress this past week in all but Northern areas. The average pace for this week is 67%, while last week’s progress was only 22%.
- NOAA’s 6-10 and 8-14 day outlooks continue to project above normal precipitation for the Eastern 2/3 of the cornbelt, while cooler temperatures are expected.
- The December 2022/December 2023 corn spread jumped to a new contract high of $1.14 1/4 inverse overnight.
Beans Up 13 @ 15.99
- The NOPA Crush report will be released at 11:00am CT this morning; the average estimate is 172.37 million bushels of soybeans were crushed in April, which would be a record for the month.
- The average pace for soybean planting progress on this date is 39%, while last week’s progress was 12%.
- China’s June Dalian futures contract was 51 cents/bu higher last night.
- USDA announced Friday morning a sale of 132tmt of soybeans to China for 2021/2022.
STATELINE COOPERATIVE’S AFTERNOON COMMENTS MAY 13th
Corn North Burt: down 10 @ $ 7.83
December corn made a new contract high of $7.58 ½ in today’s session in follow-through strength to yesterday’s friendly report. The May contract expired today with a sharp loss that also pressured the nearby spread.
- Trader’s will be watching Monday’s Crop Progress report, expecting to see good planting progress this past week. The average pace for this week is 67%; last week’s report was 22% actually planted.
- NOAA’s 6-10 and 8-14 day outlooks continue to project above normal precipitation and temperatures for much of the cornbelt.
- Closes: May down 19 cents at $7.94 ½ , July down 10 ¼ cents at $7.81 ¼ , December down 4 ¼ cents at $7.48 ¾ .
- Spreads: K/N 15 cent inverse, N/Z 33 ½ inverse, Z2/H3 3 carry.
Soybean: up 33 @ $15.83
July soybeans rallied back to their 50 day moving average today, gaining strength from the expiring May contract, which closed 63 cents higher on the day, and good export news.
- The May/July soybean spread had a wide range of trade today as the May contract expired at Noon. It went from a low of 39 ½ cent inverse to 80 cents, which is where it ended.
- The April NOPA Crush report will be released Monday morning; the average estimate is 172.37 million bushels of soybeans were crushed in April, which would be a record for the month.
- USDA announced 132tmt soybeans sold to China for 2021/2022.
- Closes: May up 63 cents at $17.23 ¼ , July up 32 ¾ cents at $16.46 ½ , November up 17 ¾ cents at $14.98 ¼ .
- Spreads: K/N 80 inverse, N/X 149 ½ inverse.
Burt, Iowa (50522)
Forecast
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Tuesday
72°
53°
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Wednesday
78°
57°
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Thursday
74°
56°
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Friday
62°
52°
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Saturday
57°
43°