Tama-Benton Cooperative

Stewart-Peterson Market Commentary

Closing Commentary - February 16, 2018

Top Farmer Closing Commentary 2-16-18


CORN HIGHLIGHTS: Corn futures edged lower today, losing 1/4 to 1/2 cent in a rather range-bound and uneventful session. The trading range for May corn was 2-3/4 and in Mar corn was 2 cents. Mar closed at 3.67-1/2, while new crop Dec closed at 3.97, down 1/2 cent, in a trading range of 1-3/4 cent. The market was quiet moving into the weekend. Futures are closed on Monday in observance of President's Day. This means a long weekend in which South American weather could have significant impact on price direction. This week's export sales activity was excellent, and farmer selling, while stronger, is being absorbed into the marketplace. The National Corn Index price continues to show stability trading at its highest level this week, since late July. The index more closely tracks elevator bids through hundreds of data points.

SOYBEAN HIGHLIGHTS: Soybean futures had a good week, but took a breather today, closing with small losses of 1-3/4 in Nov to 2-3/4 in Mar, which finished the day at 10.21-1/2. Nov closed at 10.22, again failing to breach the 10.24 mark with a high of 10.23-3/4. For new crop beans, Nov has touched 10.24 both yesterday and then again back on December 5. If prices were to tail off from here, some might argue this is a double top. The high for the year, however, came at 10.28-3/4 on July 12. Dry weather in Argentina, along with a lack of significant soaking rains in the forecast, helped to propel meal prices higher. While the Brazilian crop seems to be getting larger, the Argentine crop seems to be shrinking. Consequently, there may not be a net change in Southern Hemisphere production, but what we might term a displacement in soymeal, as Argentina is the world's largest exporter of meal. On an interesting note, Soybean oil lost ground during the week, and continues to trade at or near contract lows. Our point, not all of the complex is clicking on all friendly cylinders.

WHEAT HIGHLIGHTS: Wheat futures had an interesting day, but finally finished lower closing 3-1/2 to 4 lower in Chi, while KC finished 1 lower to 1/2 higher, as May led today's small gains for KC. Traders seemed interested again in buying KC wheat and selling Chi, as expectations for dry weather in the heart of hard red winter wheat production continues to dominate. The northeast corner of the panhandle of TX, up into OK, and parts of KS remain critically dry. For the week, Mar Chi wheat finished with a gain of 8-3/4 cents. Speculative short-covering and dry weather concerns are becoming more dominant features.

CATTLE HIGHLIGHTS: Cattle futures closed moderately higher today, posting the highest weekly closes since late October. The nearby Feb contract closed 82 cents higher to 130.10, Apr closed 40 cents higher to 127.65, and Jun closed 7 cents higher to 118.67. Despite a slightly lower stock market today, beef demand was still the main driver of higher cattle prices. Boxed beef values were up sharply yesterday afternoon, with both choice and select up over 1.00. By mid-session, choice cuts were up 16 cents to 209.20, and select cuts were up 2 cents to 205.16. The higher beef prices have opened the door for friendly cash trade. This afternoon, multiple reports of cash trade at 130 in TX surfaced. Regained confidence in the demand side of cattle markets points higher for next week. Technicals, a part from making new highs for the move, were not overly significant. Trading ranges were tight and prices have continued on their move higher. The Feb contract made its highest close today since November 7 and the Apr contract made its highest close since November 9.

LEAN HOG HIGHLIGHTS: Hog futures endured another rough session today, with the nearby Apr contract making an unexpected break to a new low for the move. Apr futures closed 1.57 lower to 68.15, May closed 97 cents lower to 74.92, and Jun closed 47 cents lower to 79.72. Fundamentals today were not overly negative despite the negative session. Carcass cutout values were 53 cents lower yesterday afternoon to 76.99, but jumped 73 cents higher this morning to 77.72. Loins and bellies were both up over 2.00 today, providing most of the strength. Hams were down 1.13 to 57.19, limiting major advancements. Heavy slaughter today of 450,000 head brought this week's slaughter pace higher than last week's, likely due to the warmer weather speeding up marketing pace. Without much in the way of fundamental pressure, today's losses were mainly technical in nature. The nearby Apr contract gapped lower this morning and closed over 1.50 lower as traders targeted stop loss orders. The Apr contract put in its lowest close today since September 14. Nearby hog futures are now deeply oversold and could easily bounce Tuesday morning. However, sellers could just as easily take the wheel and steer prices lower in the near-term.




In observance of Presidents' Day,

we will not beable to purchase any grain 2/19. We can place your offers Thank You



2018 PRICE LATER February 1 2018

Sell by 7/13/2018 


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. 


Feb 18th

ADM  5am-3pm

PENFORD- 7:30-2:30pm

STARCH- 7am-3pm 




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 February 19, 2018, 09:37:18 PM CST
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