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STATELINE COOPERATIVE’S AFTERNOON COMMENTS MAY 17th
Corn North Burt: down 9 @ $ 8.04
Corn market was lower led by the July contract down 8 ¾ cents but settled at $8.00 ¾. The December contract was down 4 ¾ cents at $7.60 ¾ and was unable to breakthrough yesterday’s high.
- Even though wheat was higher, corn was lower as much of the Corn Belt is seeing good planting progress being made. The upper Midwest is far behind normal and rains this week make it a slow go for those areas still.
- CIF values were down a penny for May and June but a penny higher for November.
- Closes: July down 8 ¾ cents at $8.00 ¾, September down 5 ¼ at $7.72 ¾, and December down 4 ¾ cents at $7.60 ¾.
- Spreads: N/U 28 ¼ cent inverse, N/Z 40 ½ inverse, U/Z 12 ¼ inverse, and Z2/H3 3 ½ carry.
Soybean: up 22 @ $16.18
Soybeans were higher again today led by the July contract up 21 ½ cents and November was up 13 ½ cents. China is looking to ease their covid restrictions in some areas of the country so there could be a pickup in Chinese interest for US soybeans. No export sale was announced this morning.
- July/August spread increased by 5 cents to a 54 ¼ cent inverse and July/November spread jumped 9 cents to a $1.53 ½ inverse.
- CIF values were down for June and July but up for first half September and October.
- Closes: July up 21 ½ cents at $16.78, and November up 13 ½ cents at $15.25 ½.
- Spreads: N/Q 54 ¼ inverse, N/X 153 ½ inverse, and X/F at a 2 cent carry.
STATELINE COOPERATIVE’S AFTERNOON COMMENTS MAY 13th
Corn North Burt: down 10 @ $ 7.83
December corn made a new contract high of $7.58 ½ in today’s session in follow-through strength to yesterday’s friendly report. The May contract expired today with a sharp loss that also pressured the nearby spread.
- Trader’s will be watching Monday’s Crop Progress report, expecting to see good planting progress this past week. The average pace for this week is 67%; last week’s report was 22% actually planted.
- NOAA’s 6-10 and 8-14 day outlooks continue to project above normal precipitation and temperatures for much of the cornbelt.
- Closes: May down 19 cents at $7.94 ½ , July down 10 ¼ cents at $7.81 ¼ , December down 4 ¼ cents at $7.48 ¾ .
- Spreads: K/N 15 cent inverse, N/Z 33 ½ inverse, Z2/H3 3 carry.
Soybean: up 33 @ $15.83
July soybeans rallied back to their 50 day moving average today, gaining strength from the expiring May contract, which closed 63 cents higher on the day, and good export news.
- The May/July soybean spread had a wide range of trade today as the May contract expired at Noon. It went from a low of 39 ½ cent inverse to 80 cents, which is where it ended.
- The April NOPA Crush report will be released Monday morning; the average estimate is 172.37 million bushels of soybeans were crushed in April, which would be a record for the month.
- USDA announced 132tmt soybeans sold to China for 2021/2022.
- Closes: May up 63 cents at $17.23 ¼ , July up 32 ¾ cents at $16.46 ½ , November up 17 ¾ cents at $14.98 ¼ .
- Spreads: K/N 80 inverse, N/X 149 ½ inverse.
Burt, Iowa (50522)