STATELINE COOPERATIVE’S AFTERNOON COMMENTS SEPT 24th

Corn North Burt: down 3 @ $ 5.01

The corn market was a couple cents lower for the day with the December’21 contract finishing a ½ cent below last week. Harvest weather looks to be open for the western Corn Belt while Illinois and east is expecting to see a chance of rain over the next couple of days. 

• Closes: December down 2 ½ at $5.26 ¾, March down 2 ½ at $5.34 ½, July down 2 at $5.38 ¼. Red Dec down ¾ at $5.04 ¾.
• Brazil planting pace is close a quarter done with rain chances in the forecast for the central part of the country. Argentina is at 8% planted according to Buenos Aires Grain Exchange with some rain on the way but more is needed.

Soybean: up 1 @ $12.35

The soybean market finished the week mixed with the soymeal around a $1/ton lower and the soybean oil futures us 87. For the week, the November’21 futures were up a penny for the week with the low at $12.57 ½ and high at $12.90 ¼.

• Closes: November up ¾ at $12.85, January up ¾ at $12.94 ¾, March up ¼ at $12.97 ¾, Red Nov down ¼ cent at $12.54 ¼. The products were mixed with meal down close to a dollar and oil up 87 points.
• Malaysian palm oil futures were down slightly overnight but finished the week up more than 4%.
• A poll was done on expectations for the Brazilian soybean crop. It showed production is expected to be at 143.75 million tonnes, up 5.77% from last year and planted area at 40.31 million hectares, up 4.6% from last year.

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