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Stewart-Peterson Market Commentary

Closing Commentary - September 24, 2018

Top Farmer Midday Update 9-24-18  

CORN: Corn futures are slightly higher this morning with the Dec contract up 1 cent to 3.58-1/4. Mar was up 1-1/4 to 3.78-1/2, and May was up 3/4 to 3.78. All three of the front month corn contracts are trading at their 20-day moving average levels. This moving average has served as tough resistance since falling below on 8/17. Corn markets have tested this level a number of times, and with the three consecutive up days last week, a close above that level would be significant, especially since funds now have their largest net short position since January. On this morning's Export Inspections report, a total of 1.63 million tons of corn were reported shipped for the week ending last Thursday. This was an impressive number, given the previous week's total of 1.035 million tons shipped and 779,971 tons shipped the same week last year.

SOYBEANS: Soybean futures are trading moderately lower this morning. Nov, Jan and Mar beans are all down 6-1/2 cents to 8.40-3/4, 8.54-1/4 and 8.67-3/4 respectively. Soybeans did trade even lower this morning, testing their 20-day moving average support levels on news that China cancelled upcoming trade talks with the US. A total of 693,890 tons of soybeans were reported shipped for the week ending last Thursday, versus 786,000 the previous week and 1.036 million tons the same week last year. Soybean planting in Brazil is running ahead of schedule, though we are so early in the season that planting progress is not making enormous impact on the markets.

WHEAT: Wheat futures are slightly higher this morning with Dec Chi wheat up 2-1/4 to 5.24, Dec KC up 1/2 cent to 5.25-3/4 and Dec spring wheat down 3/4 cent to 5.81-3/4. Dec Chi wheat initially traded as high as 5.31-1/4 on questions about Canadian and Russian spring wheat harvest issues. Currently, those crops are too wet, and quality concerns are arising. However, fund selling was likely active, as managed money traders are now short wheat for the first time mid-July. A total of 409,592 tons were reported shipped for the week ending last Thursday, versus 410,675 tons last week, and 502,725 tons the same week last year. Wheat shipments are running about 2.7 million tons behind last year.

CATTLE: Cattle futures are moderately lower this morning with Oct lives down 92 cents to 112.15 and Dec lives down 1.67 to 116.77. Feeders are lower as well with Sep down 75 cents to 156.20 and Oct feeders down 1.82 to 156.25. Live cattle contracts have fallen below their 10-day moving average support level after Friday's Cattle on Feed showed a much higher placements number than was anticipated. Deferred feeder contracts have fallen below some support levels as well. Traders are also exhibiting risk off type behavior before this afternoon's Cold Storage report.

HOGS: Hog futures are mixed this morning without much direction. Oct hogs are up 5 cents to 60.35, Dec hogs are down 62 cents to 56.77 and Feb hogs are down 30 cents to 64.62. Futures prices are holding support, especially the Dec and Feb contracts trading over top of their 10-day moving average support levels. Prices were earlier stopped this morning at the 200-day moving average level, and upward momentum appears to be waning. Despite that, there is just not much selling interest.

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Tama-Benton Cooperative Locations and Office Hours 

 

Dysart- 319-476-3666

Office Hours

Monday-Friday 8:00-4:30

 

Vinton 319-472-4791

Office Hours

Monday-Friday 8:00-4:30pm

 

Clutier 319-479-2242

Office Hours

Monday-Friday 8:00am-4:30pm 

 

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   

Tuesday Sept 25th

ADM  5am-7pm

PENFORD  7:30am-4:30pm

STARCH  7am-3pm

CARGILL BEANS  7am-5pm

 

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 Overfills and Underfills. Thank You 

 

 

 

   

 

 

Market Snapshot
Quotes retrieved on September 25, 2018, 10:26:40 AM CDT
Local Weather

Dysart, Iowa (52224)

Current Conditions: Cloudy
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