STATELINE COOPERATIVE’S AFTERNOON COMMENTS MARCH 27th

Corn North Burt: up 5 @ $ 6.80

Corn futures finished up modestly with the May contract reaching a new high close in this month of March.

• Close: May at 6.48 ¼, up 5 1/4; July 23 at 6.29 ¾, up 6 ¾; Sept at 5.78 ½, up 9 ¼; Dec. 23 at 5.69 ¾, up 9 ½.
• The average trade estimate for the USDA Quarterly Grain Stocks for corn is 7.470 billion bushels which would be down 9.2% from last year and the smallest March 1^st corn stocks since 2014.
• Private exporters reported sales of 112,800 metric tons (4.47 million bushels) of corn for delivery to unknown destinations during the 2022/2023 marketing year.
• Spreads: K/N 18 ½ cent inverse, K/U 69 ¾ cents inverse.

 Soybean: up 14 @ $13.97

The oilseed complex finished higher on May soybean oil which had the largest percentage gain among the grain-related contracts.

• Close: May 23 at 14.42 ¼, up 14; July 23 at 14.20 ¾, up 14.20 ¼; Sept at 13.13 ¼, up 15 ½; Nov. 23 at 12.88 ½, up 15 ¼.
• Soybean oil was higher – May at 54.55 up 1.28.
• Soybean Meal was higher – May at 446.0 up 0.9.
• The average trade estimate for the USDA Quarterly Grain Stocks for soybeans at 1.742 billion bushels would be down 9.8% from a year ago.
• Brazil’s record soybean harvest is now 70% complete.
• Spreads: K/N 21 ½ cent inverse, K/Q 65 ½ cent inverse, K/U 129 cent inverse.

STATELINE COOPERATIVE’S AFTERNOON COMMENTS

Corn North Burt: down 4 @ $ 6.31

May corn started the session off last night slightly higher, but remained defensive for the rest of the session.

• The UN and Russia began talks today about renewing the Ukraine grain export agreement, which expires March 18^th.  Early reports are that Russia would consider only a 60 day extension of the deal, half the time of the last one.
• Analyst APK-Inform estimates that Ukraine has only about 35% of the pesticides they need for their Spring planted crops.
• Export inspections for last week were a marketing year high of 999.3tmt, up 66tmt from the previous week.
• Closes: May down 3 ¾ cents at $6.13 ½ , July down 3 ½ cents at $6.03 , December down ½ cent at $5.57 ¼ .    
• Spreads: K/N 10 ½ cent inverse, N/U 39 cent inverse.

 Soybean: down 16@ $14.41

May soybeans fell below last week’s low and settled only a ¼ cent off today’s low.  Weak outside markets played a part, as well as some forecasts for rain in Argentina later this week.

• AgRural estimated Brazil’s soybean harvest to be 53% complete as of late last week.
• Export inspections of soybeans were 618.8tmt, up 66.4tmt from the previous week.
• Soybean closes: May down 15 ¾ cents at $14.91 ¼ , July down 15 ¾ cents at $14.79 , November down 18 ¼ cents at $13.39 ¼ .
• Spreads: K/N 12 ¾ cent inverse, N/Q 38 ¾ cent inverse, N/X $1.40 ¼ inverse.

  If you have questions or just want to talk to someone about grain call any of our Grain Origination Team members: Jeff Rahe 515-924-3892, Greg Matheson 712-868-3150 If you would like to see a complete listing of SLC grain prices, please click on the following web site. www.statelinecoop.com. This data and these comments are provided for information -mail service, click on reply and type unsubscribe. Although all information is believed to be reliable, we cannot guarantee its accuracy and completeness. Commodity trading involves risks, and you should fully understand those risks before trading. Some comments are the opinion of this author and not the opinion of Stateline Cooperative.

STATELINE COOPERATIVE’S AFTERNOON COMMENTS MARCH 13th

Corn North Burt: down 4 @ $ 6.31

May corn started the session off last night slightly higher, but remained defensive for the rest of the session.

• The UN and Russia began talks today about renewing the Ukraine grain export agreement, which expires March 18^th.  Early reports are that Russia would consider only a 60 day extension of the deal, half the time of the last one.
• Analyst APK-Inform estimates that Ukraine has only about 35% of the pesticides they need for their Spring planted crops.
• Export inspections for last week were a marketing year high of 999.3tmt, up 66tmt from the previous week.
• Closes: May down 3 ¾ cents at $6.13 ½ , July down 3 ½ cents at $6.03 , December down ½ cent at $5.57 ¼ .    
• Spreads: K/N 10 ½ cent inverse, N/U 39 cent inverse.

 Soybean: down 16@ $14.41

May soybeans fell below last week’s low and settled only a ¼ cent off today’s low.  Weak outside markets played a part, as well as some forecasts for rain in Argentina later this week.

• AgRural estimated Brazil’s soybean harvest to be 53% complete as of late last week.
• Export inspections of soybeans were 618.8tmt, up 66.4tmt from the previous week.
• Soybean closes: May down 15 ¾ cents at $14.91 ¼ , July down 15 ¾ cents at $14.79 , November down 18 ¼ cents at $13.39 ¼ .
• Spreads: K/N 12 ¾ cent inverse, N/Q 38 ¾ cent inverse, N/X $1.40 ¼ inverse.

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