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Commentary

Grain Commentary By Jeff Thatcher

Tuesday November 12th
 
Corn: +4 ½ to +1 ¾
 
The corn market firmed throughout the daytime session today after a quiet overnight trade.  Nearby futures gained over 4 cents on the day, finishing above yesterday’ high.  New crop 2020 values were slightly higher, gaining nearly 2 cents on the day.  Fund short covering along with the strong cash markets helped to support today’s corn trade.  Funds were estimated as buyers of 17,000 contracts on the day on some fear that the recent snow has again lowered production levels.  Weekly corn export inspections were on the upper end of expectations at 22 million bushels.  This was double the number from a week ago, but well below what is needed to meet the newly lowered goal.  Year to date shipments are down 61% from a year ago and are at the second slowest pace seen in the last 45 years. 
 
Soybeans: Mixed
 
Soybeans had a quiet session that saw them trade near steady for much of the day.  The January contract finished the day steady after trading in just a nickels range.  The November 2020 contract was just fractionally higher on the day.  Soybean products were mixed today with soybean meal posting gains of near $2.  Soybean export inspections were solid, reported at nearly 49 million bushels for last week.  This was slightly lower the last few weeks, but still were shipments need to be at this point.  Cumulative loadings now actually stand 9% ahead of last years pace as China’s purchases are well ahead of a year ago.  President Trump briefly mentioned the trade war during a speech today, but the market seemed uninterested in the comments.