Tama - Benton Cooperative

 

Our offices will be closed on Monday, May 29th in observation of Memorial Day. Thank you!

 

Stewart-Peterson Market Commentary

Closing Commentary - May 25, 2017

Top Farmer Closing Commentary 5-25-17

 

CORN HIGHLIGHTS:After trading with positive gains of 1 to 2 cents in the morning session, prices weakened by midday and eroded to losing 1-3/4 to 2-1/4 cents, as Dec 2017 led the way lower. Nearby Jul closed at 3.69-1/4, down 2 cents, while Dec closed at 3.87-1/2. It's a boring market as consolidation continues, yet from a positive perspective, corn is priced at a level where there is not expectation for demand to diminish. In general, pasture conditions are good, and there could be some concern that feed usage may be down due to ample moisture through most of the Midwest. That being said, one has to take a hard look at northern states, in which planting progress has been slow again this week, and the potential for prevent plant begins to loom larger, especially if rain in the forecast materializes. The 6 to 10 day weather outlook continues to suggest above-normal precipitation for most of the Midwest. However, the Northwest stays on the dry side. This pattern has been in place for 6 weeks in which moisture moves up from the Gulf through the central-western Midwest, pushes northeastward, and then finally east. The Northwest has been primarily missed.

SOYBEAN HIGHLIGHTS:Soybean futures had a tough day, finishing with losses of 8-1/2 to 8-3/4 cents, as prices slipped to their lowest level for the calendar year. Jul beans closed at 9.39-1/2, its lowest close since 4/2016. New crop Nov closed at 9.39-1/4, down 8-3/4 cents, also its lowest close for the calendar year as well as its lowest close since 9/2016. Today's weak technical picture suggests that the downtrend is now intact and resuming. Unless prices reverse in short order, the near-term trend of consolidation has given way to downward price activity. A lack of new positive news, and the likelihood that wet conditions in the Midwest could suggest corn planting switching to beans, weighed on futures, as did light volume and a negative technical picture. Futures had traded higher on the overnight trade with the dollar weaker, but once the dollar began to firm, it appeared this opened the gate for weaker soybeans.

CATTLE HIGHLIGHTS:Cattle futures saw late-session buying today, pushing futures to triple digit gains going into tomorrow's Cattle on Feed report. The nearby Jun contract closed 1.80 higher to 123.92, Aug closed 1.47 higher to 121.40, and Oct closed 1.20 higher to 117.95. Weekly U.S. beef export sales for the week ending 5/18 were reported this morning at 7,200 metric tons versus the previous 4-week average of 14,025 metric tons, the lowest weekly total since 1/12. Cumulative sales for the 2017 calendar year have reached 387,600 metric tons, 14.9% ahead of the 2016 pace. Jun futures are still running at a 9.00 discount to the cash market, giving futures plenty of room to rally. Strong packer margins are also encouraging fast slaughter. There was also a fair amount of position-taking ahead of tomorrow's Cattle on Feed report. The Cattle on Feed report will be released tomorrow at 11:00am CT, not 2:00pm CT like usual. This will give the cattle markets an unusual chance to trade that report in real time. Trade is estimating placements at 106.8% with a range of 103.1% to 112.7%, marketings at 101.8% with a range of 101% to 102.7%, and on feed at 108% with a range of 98.1% to 102.3%.

LEAN HOG HIGHLIGHTS:Hog futures appear to have trounced the 80.00 resistance levels today, closing with strong gains and opening up the markets to continue making new highs. The nearby Jun contract closed 75 cents higher to 80.95, Jul closed 72 cents higher to 80.57, and Aug closed 70 cents higher to 80.55. Weekly U.S. pork export sales for the week ending 5/18 were reported this morning at 17,500 metric tons, even with the previous 4-week average. Cumulative sales for the 2017 calendar year are currently running 6% ahead of last year's pace at 602,300 metric tons. Carcass cutouts were up 55 cents at midday to 89.45. Bellies have rallied over 6.50 since last week, currently at 144.20. Today's closes in the 3 nearest month contracts are new high closes, and open up further upside if strong demand continues.

 

 

 

Tama-Benton Cooperative Locations and Office Hours 

 

 

Dysart- 319-476-3666

Office Hours

Monday-Friday 8-4:30

 

Vinton 319-472-4791

Office Hours

Monday-Friday 8-4:30

 

Clutier 319-479-2242

Office Hours

Monday-Friday 8-4:30

 

 

All Grain Settlements are now completed at the Dysart Office. For your convenience Grain Checks and Contracts may be printed at the Vinton or Clutier locations.  

 

 

 

 

   

CR PROCESSOR HOURS TUES MAY 30th

ADM  5-3

PENFORD 7:30-5:00

STARCH  7-3

CARGILL BEANS  7-5

 

THESE HOURS ARE POSTED FOR YOUR CONVENIENCE.SUBJECT TO CHANGE WITHOUT NOTICE.

BE PREPARED FOR EARLY CLOSING WITHOUT NOTICE DUE TO WEATHER, FLOODING, OR DOWNTIME.

 

  

 

 

 

Please report Direct Shipment Loads Promptly to the Dysart Office in Order to Maintain Delivery Schedules and to Final Price Contract Over and Underfills. Thank You 

 

 

 

 

 
 
 

  

 

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Market Snapshot
Quotes retrieved on May 26, 2017, 09:13:49 PM CDT
Iowa Agriculture News
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Dysart, Iowa (52224)

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