Stateline Morning Comments October 15th 2021
Corn Up 7 @ 4.96
- Futures are trading six cents higher overnight, continuing yesterday’s climb higher. December’21 futures are above the 200-day moving average of $5.1925 this morning.
- Export sales were 1,040,000 tonnes vs. 700,000 to 1,600,000 tonnes expected.
- Rains in central Argentina have helped farmers as soil moisture conditions are in good shape according to the Buenos Aires Grains Exchange. Central Argentina is roughly 23% planted so far.
Beans Up 9 @ 11.59
- Soybeans are eight cents higher with soymeal $3.4/ton higher and soybean oil trading 57 higher.
- Export sales were 1,150,000 tonnes for soybeans vs. 600,000 to 1,400,000 tonnes expected. Soymeal exports were 365,400 tonnes vs. 100,000 to 320,000 tonnes expected. Soyoil exports were 19,800 tonnes vs. -5,000 to 30,000 tonnes expected.
- NOPA is expected to be at 155.072 million bushels for September in today’s report, that would be a three-month low.
- Malaysian palm oil futures for December were up 84 ringgits overnight to 4,961 ringgits, down 5 ringgits for the week with volatile price action.
- There were no soybean meal deliveries but 11 soybean oil deliveries.
- Open interest was down 8,480 with Nov 21 down 13,500 but Jan 22 up 2,200.
Burt, Iowa (50522)