Announcements

WINTER GRAIN MEETING 

Wednesday, March 11th 

at the North Kossuth Golf Club, 505 East Ramsey Street Bancroft, Iowa

 9 AM - Coffee and Rolls

9:30 AM – Meeting

 FEATURING:

Troy Lust with FCStone

And

Jason Schwenneker, SLC’s NEW Grain Merchandiser


Futures
Quotes retrieved on February 17, 2020, 12:00:25 PM CST



SLC Commentary

 

 

StateLine Evening Comments February 14th  2020

Corn: North Burt down 2 @ 3.62

Corn futures traded lower. Today’s big unknowns are will China buy any US Ag goods over the long holiday weekend and on Tuesday will the news concerning the coronavirus be negative or positive. There is talk that China may have bought this week Ukraine corn. At the same time there are also rumor that China import priority could be pork and medicine. Fact corn open interest increased on Thursday despite the concern spread of the virus could slow demand. Some speculated that this could be China hedging for future US buying. Seasonally grain futures tend to make bottoms in February but this is a different year with the virus and potential for record South America 2020 crops. USDA baseline projection suggest US 2020/21 average farm corn price to be near 3.40 vs 3.85 this year. Next Friday, USDA will have their annual Outlook Forum. They will release new US 2020/21 corn supply and demand estimates. We could see US 2020 corn crop near 15,440 mil bu vs 13,691 in 2019.

Soybeans down 3 @ $ 8.35

Soybean futures edged lower before the long US holiday weekend. Today’s big unknowns is will China buy any US Ag goods over the long holiday weekend and on Tuesday will the news concerning the coronavirus be negative or positive. There are also rumor that China import priority could be pork and medicine not soybeans. Malaysian palmoil futures had turned higher on hopes that once the China virus is contained, China will be a buyer of palmoil. US Jan NOPA soybean crush is estimated near 174 mil bu. This is equal to Dec but above last year. NOPA soyoil stocks could increase due to drop in biodiesel demand. Jan World soybean and soymeal trade dropped to 9.0 mmt vs 11.9 in Dec and 9.5 last year. World Oct-Jan trade is a record 51.4 mmt vs 45.5 last year. USDA est Oct-Sep trade to be a record 165.4 mmt vs 161.1 last  year. Will be interesting if USDA drops this estimate on concern virus could slow demand. USDA 2020 baseline est for US 2020/21 cash soybean price is 8.85 vs 8.75 this year.

 

 



Forecast
Burt, Iowa (50522)
Current Conditions Fog
Temperature 34°F
Dew Point 34°F
Pressure 29.82 in. Hg
Humidity 100%
Wind 4 mph
From South


Forecast



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