STATELINE COOPERATIVE’S EVENING COMMENTS 12/14/18
Corn: North Burt stdy @ $3.37
- The corn market closed in positive territory on hopes of improving demand for US corn.
- Closes: March at $3.84 ¾, up ½ cent, July at $3.98 ½, up ½ cent and December unchanged at $4.03 ¾.
- Consider having December sell orders in place from $4.05-$4.25, now through March (ahead of the March Prospective Plantings report on March 29th). The contract high in the December corn is $4.24.
- Gulf premiums were mixed for Dec (unchanged/-2) and steady for JFM. ECB processor bids were unchanged, Chicago bids were 2 cents weaker.
- The USDA announced the sale of 125k tonnes of corn to Japan.
- Chatter today was that China is looking to purchase up to 3.0 mmt of US corn after the first of the year.
Soybeans: down 6 @ $ 8.10
- The soybean market traded lower on a bout of profit taking, despite more Chinese bean purchases. Prices were pressured from smaller than expected purchases from China the past couple of days.
- Closes: March at $9.00 ½ down 6 ½ cents, July at $9.38 ¾, down 6 ¼ cents, November at $9.51, down 5 cents.
- The USDA announced another sale of 300k tonnes of beans to China for the current marketing year. It is a nice sale, but trade was hoping for so much more.
- There was another sale of 130k tonnes of US beans to unknown destinations for 2018-19.
- Dry areas of Brazil’s state of Parana is expected to get beneficial rains next week. Brazil is expected to reap another record soybean crop, despite possible crop losses from dry conditions in western Parana.