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Stewart-Peterson Market Commentary

Closing Commentary - July 13, 2018

Top Farmer Midday Update 7-13-18

 

CORN: Corn futures are lower, but holding support at Thursday’s new contract lows. Nearby Jul futures are down 4 cents and look to go off the board near yesterday’s low of 3.30. Dec is down 3-1/2 cents to 3.55-3/4, while trading inside yesterday’s bullish ‘outside day’ trading range that included a new low at 3.50-1/4. Double-digit declines in beans, combined with few weather issues, is seen mitigating Thursday’s friendly USDA ending stocks data. Production estimates will of course be determined by weather, with yield forecasts ranging between 174 and 179 bu per acre. So, a lot can happen price-wise as the crop becomes better defined. In tender activity, S. Korean feed groups together bought around 198,000 tons of optional-origin corn; Taiwan bought 65,000 tons of U.S. corn. In outside markets, crude is up 78 cents, correcting from a negative mid-week reaction to heavy crude output in June from OPEC. The dollar is firm after a week-long rebound from last week’s lower trade.

SOYBEANS: Soybean futures fell sharply this morning, setting new contract lows before end-of-week short covering lifted prices. Jul beans are up a penny to 8.31 ahead of that contract’s expiration. Nov beans bottomed at a new contract low of 8.26-3/4 and were recently down 12-1/2 cents to 8.36-3/4. New lows in the Chinese bean market and bearish USDA July S&D tables weighed on prices overnight as trade wars continue to press the market lower. USDA lowered U.S. 2017/18 soybean carryout 40 mil bu due to higher crush and exports. USDA raised U.S. 2018 soybean crop 30 mil bu due to higher acres. USDA then lowered U.S. 2018/19 soybean exports 250 mil bu, raised crush 45. But, end result increased carryout 195 mil bu to 580. This is a new record high carryout for U.S. soybeans. For the week, Nov beans have traded a 70 cent range, and have lost $2.25 per bushel since May 29.

WHEAT: Wheat futures are higher, building on Thursday’s higher close. The wheat complex has felt the macro-pressure from trade wars that pushed row crops lower this week, and are now looking at their own fundamentals in the end-of-week price recovery, fueled by wheat crop shortages abroad that could lead to some better U.S. exports in the future. USDA lowered world wheat end stocks 5 mil metric tons due to lower EU crop, lower China end stocks, and lower Russia and Ukraine crops. Sep CBOT and KC wheat is up 11 cents to 4.95-1/2 and 4.92-1/4, respectively, while settling near their 10-day moving average resistance areas. Sep MPLS wheat is up 2-3/4 cents to 5.33-1/4.

CATTLE: Cattle futures are narrowly mixed as prices consolidate following high volatility this week. Aug live cattle are unchanged at 105.025, Oct is up 0.125 to 107.725, and Aug feeders are up 0.100 to 151.125.

HOGS: Hog futures are mostly higher led by the back months where 1.00+ gains are seen after new contract lows occurred mid-week as trade wars and lower cash markets sparked heavy selling. Nearby Jul hogs are steady at 79.950. Aug futures are up 0.150 to 70.575. Oct hogs are up 1.025 to 54.975.

 

 

 

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 July 16th

ADM  5am-8pm

PENFORD 7:30am-2:30pm

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 Over and Underfills. Thank You 

 

 

 

   

 

 

Market Snapshot
Quotes retrieved on July 16, 2018, 11:02:03 AM CDT
Local Weather

Dysart, Iowa (52224)

Current Conditions: Few Clouds
Temperature: 75°F Dew point: 60°F
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Wind: 12 mph From: North

Forecast

Monday

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Tuesday

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Wednesday

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Thursday

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Friday

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