StateLine Cooperative Afternoon Comments February 24th
Corn North Burt: up 6 $5.33
Three times a charm......and three days for seeing strength in the corn market. Prices drew strength from rallies I the wheat and soybean pits. Reports out that South Korea bought 60k tonnes of US corn.
- Closes: March at $5.59 ¼, up 5 ½ cents, July at $5.47 ½, up 4 ¾ cents, December at $4.76 ¾, up 7 cents.
- CIF premiums were .......Processor bids were steady in Decatur, IL and 5-10 weaker for Cedar Rapids IA and Blair NE. Ethanol plant bids were mostly unchanged.
- Weekly export sales estimates at 1.0-1.6 mmt.
- Weekly ethanol production down a whopping 253k barrels per day to 658k barrels per day (big Nat gas restrictions were said to be the root cause of the ginormous drop in ethanol production). Stocks were reported at 22.79 million barrels, down 1.5 million barrels.
Soybean: up 17 @ $13.73
The soybean market traded higher on strength in the soyoil and soymeal markets. Ongoing support stems from rain delaying harvest activity in Brazil. US stocks are tight and are expected to continue to get tighter. A significant increase in planted acres is expected, but availability is several months down the road
- Closes: March at $14.23 ¾, up 17 ¾ cents, July at $14.12, up 17 ½ cents, November at $12.38 ¼, up 16 ¼ cents. The products were firmer with meal up 1-2 bucks and oil up 188 points.
- CIF premiums were ......processor bids were mostly unchanged.
- Weekly export sales estimates: 200 tmt-1.3 mmt for beans, 75-450 tmt for meal and 5-30 tmt for oil.
- The canola market got thumped after several weeks of strong gains. Nearby month finished down 30 bucks per cwt.