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Quotes are delayed, as of January 24, 2021, 08:19:20 AM CST or prior.



SLC Commentary

StateLine Cooperative Afternoon Comments January 22ND  

 

Today saw a major selloff across most commodities. Concerns are that the new strain of COVID will spread much faster than the current strain. Wall Street retreats from recent record highs on economic weakness in Japan and Europe, along with fears that the Virus aid relief package of $1.9 trillion may meet resistance from republicans in Congress.

 

Corn North Burt: down 24 $4.70

The corn market tumbled on outside influences and beneficial moisture pegged for SA this and next week. The March contract tested $5 support level, dipped below that but failed to hold.  The healthy estimated fund length in the corn market, left it vulnerable to liquidation.

  • Closes: March at $5.00 ½, July at $4.98 ¾, December at $4.30 ¼.
  • Weekly export sales were decent at 1.5 mmt. Top destinations for the week were Mexico, Japan, Columbia.
  • Ethanol production for the week saw an increase of 4k barrels per day to 945k barrels per day. Stocks were down 64k barrels to 2363 million barrels.

 

Soybean: down 58 @ $12.58

The soybean market took a beating on big crop ideas in Brazil and fund selling. Prices drew additional pressure from weakness in the energy and equity markets. Scattered analysts estimates for Brazil ‘s soybean crop are coming in above 130.0 mmt (if realized, it would be another year of a record soybean crop).

  • Closes: March at $13.11 ¾, July at $12.98 ½, November at $11.12.
  • The products finished sharply lower with meal down 17-18 bucks an oil down 128 points.
  • The USDA announced the sale of 136k tonnes of beans to China for the current marketing year.
  • Weekly export sales were above trade estimates at 2.5 mmt. Top destinations for the week were China, Netherlands, Mexico.
  • Rain showers over the last few weeks are thought to have saved the crop and that they will produce another record bean crop in Brazil.

 

 

 

 

 

      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          



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Burt, Iowa (50522)
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Temperature 21°F
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Pressure 30.04 in. Hg
Humidity 100%
Wind 5 mph
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