StateLine Cooperative Afternoon Comments April 18th
Corn North Burt: up 22 @ $6.65
The corn market rallied on bargain buying and bout of pre-weekend short covering and stronger soybean prices. Prices drew additional support from uncertainty about weather conditions going forward, with renewed focus on Iowa. China sells imported corn in an effort to cool off high domestic corn prices.
- Closes: July up 22 ¼ cents at $6.55 ¼, September up 29 cents at $5.77 ½, and December up 33 ¾ cents at $5.66 ¼. The red Dec closed up 14 ¾ cents at $4.88 ¾.
- CIF premiums were 1 weaker for J/J and 7 cents firmer for FH Aug and 1 cent firmer for LH Aug.
- Brazil’s total corn crop estimated at 89.5 mmt versus 105.0 mmt in April (Rabobank).
Soybean: up 60 @ $13.75
The soybean market opened higher and continued gaining strength throughout the session on weather worries, bargain buying and short covering. Prices got an additional midday boost from reports that China had purchased nearly 8 US soybean cargos for October off the PNW. China had been absent the bean export arena for the past several months.
- Closes: July up 66 ¼ cents at $13.96 (after tumbling over a buck lower yesterday) August up 60 cents at $13.55, November up 60 ¼ cents at $13.02. The products were firmer with meal up 11-12 bucks and soyoil up 100-200 points.
- CIF premiums were mostly unchanged for J/J/A.
- Brazil’s soybean crop is estimated at 137.0 mmt versus 136.0 previously (Rabobank).
- Argentina’s port strike continues. They are said to be the number one exporter of soymeal and soyoil.