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Futures
Quotes are delayed, as of September 24, 2022, 10:21:45 AM CDT or prior.



SLC Commentary

Stateline Morning Comments September 22, 2022

Corn Down 2 @ 7.27

  • Weekly export sales were 182.3tmt vs estimates of 400tmt to 850tmt.
  • The Rosario exchange lowered their estimate of Argentina’s corn crop 2mmt, to 56mmt due to drought conditions.  The USDA estimate is 55mmt.
  • Ethanol production last week was down 62K bpd, to 901K bpd, which is the lowest in 18 months.  Ethanol stocks declined 342K bbls to 22.5 million barrels, which is the smallest inventory for this year.
  • December corn failed to break above $7 resistance yesterday, for the 2nd time this month, but trendline support is holding as well, forming a wedge pattern.

 

Beans Down 4 @ 13.92

  • Export sales of soybeans were 446.4tmt vs estimates of 500tmt to 1.0mmt, soymeal 186.1tmt vs estimates of 75tmt to 350tmt, and soyoil 2.6tmt vs estimates of 0 to 32tmt.
  • China’s November soybean contract was up 29 cents/bu last night, almost tying the contract high.
  • China’s farm ministry is urging feed makers to work harder to find ways to replace soymeal as a protein source in livestock rations.
  • Open interest increased 6,550 contracts during yesterday’s sell-off.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATELINE COOPERATIVE’S AFTERNOON COMMENTS

Corn North Burt: down 3 @ $ 7.43

Futures traded in 13-16 cent ranges and closed a few cents lower across the board with lack of support from wheat and overall, a quiet day ahead of the WASDE on Monday. Corn appears to be a follower with little fresh news to trade. The first ethanol report of the new crop year showed production down 19k bpd to 989,000 bpd, inventories down .4 million barrels to 23.1 million barrels, and net margins down 15 cents to net positive 6 cents.

  • CONAB updated their estimate for the 2021/22 total corn crop to 113.272 MMT vs 114.691 previously. Their updated export estimate for corn is at 37 MMT vs. 37.5 previously.
  • Closes: December 22 down 2’4 at 668’4, March 23 down 2’4 at 673’2, May 23 down 2’2 at 674’4, and December 23 down 2’4 at 617’4.
  • Spreads: Z/H steady at 4’6 carry, Z/K steady at 5’6 carry, Z/N steady at 1’2 carry.

 

 Soybean: up 3 @ $13.96

Soybeans ended the day higher across the board with some support from soybean oil, meal ended the day lower, and board crush values mixed. According to the Rosario Grain Exchange, Argentine farmers sold 3.1 MMT of soybeans from Monday-Wednesday, nearly 5 times more than last week. Due to this, China is reported to be buying up cargoes from Argentina as they have the cheapest supply right now, the U.S. is reported to be competitive later this year, and then Brazil getting some attention early next year.

  • CONAB updated their estimate of 2021/22 soybean crop to 125.552 MMT vs. 124.048 previously.
  • Closes: November 22 up 2’4 at 1386’0, January 23 up 2’4 at 1391’2, March 23 up 2’6 at 1493’6, and November 23 up 1’0 at 1331’2.
  • December product closes: soybean oil up 113 at 63.23, meal down 4.6 at 405.9, and board crush down 2 at 203.0
  • Spreads: X/F stronger at 5’0 carry, X/H steady at 8’4 carry, and X/K down at 12’0 carry.

 

  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 SEPTEMBER 8th

Corn North Burt: down 3 @ $ 7.43

Futures traded in 13-16 cent ranges and closed a few cents lower across the board with lack of support from wheat and overall, a quiet day ahead of the WASDE on Monday. Corn appears to be a follower with little fresh news to trade. The first ethanol report of the new crop year showed production down 19k bpd to 989,000 bpd, inventories down .4 million barrels to 23.1 million barrels, and net margins down 15 cents to net positive 6 cents.

  • CONAB updated their estimate for the 2021/22 total corn crop to 113.272 MMT vs 114.691 previously. Their updated export estimate for corn is at 37 MMT vs. 37.5 previously.
  • Closes: December 22 down 2’4 at 668’4, March 23 down 2’4 at 673’2, May 23 down 2’2 at 674’4, and December 23 down 2’4 at 617’4.
  • Spreads: Z/H steady at 4’6 carry, Z/K steady at 5’6 carry, Z/N steady at 1’2 carry.

 

 Soybean: up 3 @ $13.96

Soybeans ended the day higher across the board with some support from soybean oil, meal ended the day lower, and board crush values mixed. According to the Rosario Grain Exchange, Argentine farmers sold 3.1 MMT of soybeans from Monday-Wednesday, nearly 5 times more than last week. Due to this, China is reported to be buying up cargoes from Argentina as they have the cheapest supply right now, the U.S. is reported to be competitive later this year, and then Brazil getting some attention early next year.

  • CONAB updated their estimate of 2021/22 soybean crop to 125.552 MMT vs. 124.048 previously.
  • Closes: November 22 up 2’4 at 1386’0, January 23 up 2’4 at 1391’2, March 23 up 2’6 at 1493’6, and November 23 up 1’0 at 1331’2.
  • December product closes: soybean oil up 113 at 63.23, meal down 4.6 at 405.9, and board crush down 2 at 203.0
  • Spreads: X/F stronger at 5’0 carry, X/H steady at 8’4 carry, and X/K down at 12’0 carry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Forecast
Burt, Iowa (50522)
Current Conditions Sunny
Temperature 66°F
Dew Point 59°F
Pressure 29.85 in. Hg
Humidity 78%
Wind 8 mph
From West


Forecast



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