Stateline Morning Comments January 19^th 2022

Corn Up 6 @ 5.97

• Corn is trading higher 4 ¾ cents early Tuesday.
• Demand for corn from ethanol plants is slowing this time of year. Last week’s report showed the highest ethanol inventory since February 2020.  Basis is backing off.
• CH22 up 4 ¾, at $6.04 ¼, CK22 up 4 ½, at $6.04 ½, CZ22 up 2 ½ at 5.60, CZ23 up 3 ¾ at 5.31 ¾.

Beans Up 17 @ 13.23

• Soybeans are trading double-digit higher this morning.
• The NOPA crush report showed an increase this month to 186.438 mln bushel.  This is up 4% from last month and a 2% increase from last year. 
• March soybean meal fell $15.50 yesterday, pressured by rain in Argentina with more expected in this week’s forecast.
• Soybean crush values based on March futures contracts are still highly attractive for crush activity.
• SH22 is up 14 ¼, at $13.76, and SK22 is up 14 ¼, at $13.85, SN22 is up 13 ¾ at 13.90 ¾, SX22 is up 11 ½, at 12.95 ½.
• March Meal is up $4.10 at $394.20 and March soy oil is up .79 at 59.87.

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