STATELINE COOPERATIVE’S AFTERNOON COMMENTS DECEMBER 2nd

Corn North Burt: down 14 @ $ 6.56

Futures closed lower across the board today with March seeing its heaviest losses in the last few months. For the week, March was down 25 cents, and December 23 was down 12’6 cents. Spreads also saw heavy pressure today as CIF bids traded weaker this week. The market succumbs to technical selling as nothing changed from the fundamental aspect today. We’ll see those updates next week when the USDA publishes its next WASDE.

• Closes: December down 15’0 at 635’0, March down 14’2 at 646’2, May down 12’0 at 647’2, July down 9’6 at 944’2, and December 23 down 3’2 at 598’0. December 23 closed at its lowest point since August 22^nd.
• Spreads: Z/H down 1’2 at 11’6 carry, H/K down 2’2 at 1’0 carry, H/N down 4’6 at 1’6 inverse, and H/U down 8’4 at 37’0 inverse.

 Soybean: up 9 @ $14.18

Soybean futures rebounded today after the heavy losses today, up 8-10 cents, not nearly making up for yesterday but still good to see a rebound. Soybean fell across its trading months today as well as the industry feels that the EPA mandates from yesterday aren’t friendly to the market. There wasn’t much fresh news today as Brazil’s crop remains a monster and the weather has been mostly good for them, Argentina is drought and heat-stricken, and we see export demand shift from the U.S.

• Closes: January up 8’6 at 1438’4, March up 9’6 at 1446’4, May up 9’4 at 1454’0, July up 10’0 at 1458’4, and November up 8’2 at 1377’6.
• January product closes: Soybean oil down 216 points at 65.22, meal up 2.5 at 424.1, and board crush down 18.5 cents at 1.918.
• Spreads: F/H down 1’0 at 8’0 carry, F/K down 1’0 at 15’6 carry, F/N down 1’2 at 20’0 carry, and H/K down 0’2 at 8’0 carry.

STATELINE COOPERATIVE’S AFTERNOON COMMENTS

Markets were steady with corn slightly higher, soybeans higher, and wheat slightly lower.  The trade remains very thin with algos leading the pack.  There was some evening-up due to the holiday next week and many traders are out mid-week forward. 

Corn North Burt: steady @ $ 6.82

Corn closed slightly higher on the nearby contracts on a slow news day. 

• Close: Dec. 22 at 6.67 ¾, up ¼, Mar. 23 at 6.70, up 1, July 23 at 6.62 ½, up 1.
• Weekly price change: Dec 22 up 9 ¾.
• Spreads: Z/H 2 ¼ cents carry, Z/K ¼ cents carry, Z/N 5 ¼ cents inverse.

 Soybean: down 12 @ $13.82

Soybean futures were higher on strong meal and strong soy oil trade. 

• Close: Jan. 23 at 14.28 ¼, up 11 ¼, Mar. 23 at 14.33 ¼, up 11, July 23 at 14.42 ¼, up 11 ½.
• Soybean oil was higher – December at 72.74 up 0.61.
• Soybean Meal was higher – December at 410.4 up 4.7.
• Weekly price change: Jan. 23. soybeans dn 21 ¾.
• Spreads: F/H 5 cent carry, F/K 11 ½ cent carry, F/N 14 cent carry.

  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 OCTOBER 12th

Corn North Burt: steady @ $ 6.73

December corn touched $7 right after the USDA report was released, but then declined to be 13 cents lower; at the close it ended the session unchanged. 

• The corn yield in today’s report was lowered .6 bushels to 171.9 bu/acre; combined with a 148mbu lower carryin our supply was lowered 172mbu.  But demand was lowered 125mbu so a carryout of 1.172bil bu was larger than expected.
• Closes: December unchanged at $6.93, March down ¼ cent at $7.00      
• Spreads: Z/H 7 cent carry, H/K ¾ cent carry.

 Soybean: up 20 @ $13.41

November soybeans traded as much as 37 ¾ cents higher after the release of the report, but ended the session 19 ¾ cents higher.  Both oil and meal also closed higher on the day.   

• Soybean yield was lowered .7bu to 49.8 bu/acre; but a larger carryin equated to a 31mbu drop in supply.  Demand also had a decline of 31mbu which left the carryout unchanged from last month, better than traders expected.
• Argentine farmers sold a record 13.7mmt of soybeans in September, when their government offered a special currency exchange rate for selling them, according to the U.S. Ag Attache there.
• USDA announced this morning a sale of 526tmt soybeans to China for 2022/2023.
• China’s November futures were up 38 ¾ cents/bu last night to a new contract high.
• Closes: November up 19 ¾ cents at $13.96, January up 17 cents at $14.05
• Spreads: X/F 8 ¾ cent carry, X/N 25 ½ cent carry.

STATELINE COOPERATIVE’S AFTERNOON COMMENTS

Corn North Burt: down 3 @ $ 7.43

Futures traded in 13-16 cent ranges and closed a few cents lower across the board with lack of support from wheat and overall, a quiet day ahead of the WASDE on Monday. Corn appears to be a follower with little fresh news to trade. The first ethanol report of the new crop year showed production down 19k bpd to 989,000 bpd, inventories down .4 million barrels to 23.1 million barrels, and net margins down 15 cents to net positive 6 cents.

• CONAB updated their estimate for the 2021/22 total corn crop to 113.272 MMT vs 114.691 previously. Their updated export estimate for corn is at 37 MMT vs. 37.5 previously.
• Closes: December 22 down 2’4 at 668’4, March 23 down 2’4 at 673’2, May 23 down 2’2 at 674’4, and December 23 down 2’4 at 617’4.
• Spreads: Z/H steady at 4’6 carry, Z/K steady at 5’6 carry, Z/N steady at 1’2 carry.

 Soybean: up 3 @ $13.96

Soybeans ended the day higher across the board with some support from soybean oil, meal ended the day lower, and board crush values mixed. According to the Rosario Grain Exchange, Argentine farmers sold 3.1 MMT of soybeans from Monday-Wednesday, nearly 5 times more than last week. Due to this, China is reported to be buying up cargoes from Argentina as they have the cheapest supply right now, the U.S. is reported to be competitive later this year, and then Brazil getting some attention early next year.

• CONAB updated their estimate of 2021/22 soybean crop to 125.552 MMT vs. 124.048 previously.
• Closes: November 22 up 2’4 at 1386’0, January 23 up 2’4 at 1391’2, March 23 up 2’6 at 1493’6, and November 23 up 1’0 at 1331’2.
• December product closes: soybean oil up 113 at 63.23, meal down 4.6 at 405.9, and board crush down 2 at 203.0
• Spreads: X/F stronger at 5’0 carry, X/H steady at 8’4 carry, and X/K down at 12’0 carry.

  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 SEPTEMBER 8th

Corn North Burt: down 3 @ $ 7.43

Futures traded in 13-16 cent ranges and closed a few cents lower across the board with lack of support from wheat and overall, a quiet day ahead of the WASDE on Monday. Corn appears to be a follower with little fresh news to trade. The first ethanol report of the new crop year showed production down 19k bpd to 989,000 bpd, inventories down .4 million barrels to 23.1 million barrels, and net margins down 15 cents to net positive 6 cents.

• CONAB updated their estimate for the 2021/22 total corn crop to 113.272 MMT vs 114.691 previously. Their updated export estimate for corn is at 37 MMT vs. 37.5 previously.
• Closes: December 22 down 2’4 at 668’4, March 23 down 2’4 at 673’2, May 23 down 2’2 at 674’4, and December 23 down 2’4 at 617’4.
• Spreads: Z/H steady at 4’6 carry, Z/K steady at 5’6 carry, Z/N steady at 1’2 carry.

 Soybean: up 3 @ $13.96

Soybeans ended the day higher across the board with some support from soybean oil, meal ended the day lower, and board crush values mixed. According to the Rosario Grain Exchange, Argentine farmers sold 3.1 MMT of soybeans from Monday-Wednesday, nearly 5 times more than last week. Due to this, China is reported to be buying up cargoes from Argentina as they have the cheapest supply right now, the U.S. is reported to be competitive later this year, and then Brazil getting some attention early next year.

• CONAB updated their estimate of 2021/22 soybean crop to 125.552 MMT vs. 124.048 previously.
• Closes: November 22 up 2’4 at 1386’0, January 23 up 2’4 at 1391’2, March 23 up 2’6 at 1493’6, and November 23 up 1’0 at 1331’2.
• December product closes: soybean oil up 113 at 63.23, meal down 4.6 at 405.9, and board crush down 2 at 203.0
• Spreads: X/F stronger at 5’0 carry, X/H steady at 8’4 carry, and X/K down at 12’0 carry.

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