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Stewart-Peterson Market Commentary

Closing Commentary - November 14, 2018

Top Farmer Midday Update 11-14-18

 

 

Corn: Corn futures are up 1/4 cent this morning, with Dec at 3.66-3/4, Mar at 3.78, and May at 3.86. Prices have been within very tight trading ranges today, and buyers have been limited despite a 1.50 bounce in the crude markets. Much of the pressure is likely due to wheat markets, down 2 to 4 cents this morning. U.S. corn is about 84% harvested versus 81% at this time last year and 87% on average. During yesterday's session, funds sold 9,000 contracts of corn leaving their net position long about 16,000 contracts. This morning, the USDA reported a sale of 212,000 tonnes of corn to Mexico.

Soybeans: Soybean futures are 5 to 8 cents higher this morning, with the nearby Nov contract up 7-3/4 cents to 8.75, Jan up 6-1/4 to 8.84-1/2, and Mar up 5-3/4 to 8.97-1/2. Speculative buyers continue to support the market as news that the Chinese Vice Premier may be visiting Washington ahead of the G20 meetings with hopes of developing a framework for trade talks at the end of the month. Maybe more impressive, markets have so far shrugged off yesterday's bearish outside sessions, and have not traded lower than the day's opening price. Soybean harvest is about 88% complete versus 93% a year ago and 93% on average. Funds sold 3,000 contracts of soybeans yesterday pushing their net short position to about 58,000 contracts. The U.S. sold 148,000 tonnes of soybeans this morning to unknown destinations.

Wheat: Wheat markets are mixed to mostly lower this morning, with the Dec Chi contract down 4-1/4 cents to 5.03-1/2, Dec KC wheat down 2-1/2 to 4.84, and Dec spring wheat up 3-1/2 cents to 5.81-3/4. Chi wheat futures are still holding within their recent consolidation ranges while the KC contracts have traded at their lowest levels this morning since January. Winter wheat spreads are trading 1 to 2 cents higher this morning, finding follow-through buyers on yesterday's sharp jump. Winter wheat plantings are still behind, at 89% complete versus 94% a year ago and 94% on average. Kansas wheat plantings are at 90% complete versus 96% on average. Russian wheat production was raised this week 1.3% from the previous estimate to 70.7 million metric tonnes. Funds sold 6,000 contracts of Chi wheat yesterday leaving their net position short about 51,000 contracts.

Cattle: Cattle markets are mixed to mostly lower this morning, with Dec lives down 70 cents to 114.67, Feb lives down 12 cents to 118.62, and Apr lives up 10 cents to 120.72. Nov feeders are down 20 cents to 148.77 and Jan feeders are down 55 cents to 146.42. Today's start is somewhat disappointing for the live cattle markets after futures made very solid bullish key reversals yesterday. However, given the slide in beef values and beef production pace, the source of the pressure is not exactly a mystery. Funds are still likely holding a fairly sizeable long position which could be fuel for increased selling on more technical breakdown.

Hogs: Hog futures are mixed this morning, with Dec up 10 cents to 57.40, Feb down 15 cents to 62.05, and Apr down 32 cents to 67.40. The Dec contract is holding support at its 200-day moving average, while the deferred contracts have sagged just slightly. Trading ranges today have been extremely tight and without a clear direction thus far, trade looks to continue sideways and choppy.

 

 

 

 

 

 

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   

Thursday Nov 15th

ADM  5am-3pm

PENFORD  5am-3:00pm 

STARCH  7am-11am

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 November 15, 2018, 03:01:44 AM CST
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