Daily Commentary
Mid Iowa Cooperative has launched a new app. Find it on the Apple App store and the Google Play store.
Wednesday February 9th
Corn: +14 ½ to +6 ½
The corn market traded higher for most of the session today before ending with sharp gains. March futures finished the day over 14 cents higher, making a new contract high. New crop values gained nearly 7 cents on the day while also posting a new contract high. Early gains were tied to rumors of Chinese interest in a substantial quantity of US old crop corn. These rumors seem unlikely with last week’s cancellation, but the market did not seem to care. The February supply and demand update saw no revisions to the domestic balance sheet with conservative cuts to world production. Weekly ethanol numbers were mixed with production down sharply on the week with stocks also reported lower. Despite the decrease in stocks, they are a record for the week.
Soybeans: +25 ¾ to +24 ½
Soybeans finished the session sharply higher after also trading higher for much of the session. Nearby values gained nearly 26 cents on the day and did test the $16 level. November futures were nearly 25 cents higher while making another new contract high. Soy products were also higher with meal making new contract highs. Fund buying was again prevalent as the market continues to debate the losses to the South American crop. The USDA did cut the total production 8.7 mmt today but the market appears to be trading a larger reduction. This was somewhat offset by a reduction in the Chinese import forecast. The USDA did cut domestic ending stock by 25 million bushels due to an increase in their crush forecast. The 325-million-bushel total was slight above what the trade was expecting. The USDA did announce another new crop flash sale of soybean to China this morning, but the current new crop sales pace does still lag last year.
| 2/9/2022 | |||||||||||
| Processor Bids and Hours are subject to change, please call before hauling | |||||||||||
| HOURS | MON | TUE | WED | THURS | FRI | SAT | SUN | ||||
| ADM CR | CLOSED | 5-12 | 5-12 | 5-12 | |||||||
| EDDYVILLE | 6-3 | ||||||||||
| STARCH | CLOSED | ||||||||||
| PENFORD | CLOSED | 730-11 | |||||||||
| FORT DODGE | 7-4 | 7-4 | |||||||||
| JEWELL | 7:30-4 | 7:30-4 | |||||||||
| SEABOARD | |||||||||||
| FAIRBANK / POET | 7-5 | 7-5 | |||||||||
| IOWA FALLS / POET | 7-5 | 7-5 | |||||||||
| SHELLROCK / POET | 7-5 | 7-5 | |||||||||
| LINCOLN WAY | 8-4 | 8-4 | |||||||||
| PINELAKE | 7:30-4:15 | 7:30-4:15 | |||||||||
| IOWA FALLS/CARGIL | 6-5 | 6-5 | CLOSED | ||||||||
| CEDAR RAPIDS/CARGIL | 6-5 | 6-5 | CLOSED | ||||||||
| ADM DM | 6-12 | TBD | |||||||||
| AGP EAGLE GROVE | 0-Jan | ||||||||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 2/7/2022 | 30.40% | ||||||
| MAR 22 | $6.46 | $15.94 | |||||||||
| MAY 22 | $6.45 | $15.94 | |||||||||
| JUL 22 | $6.39 | $15.88 | |||||||||
| DEC/NOV 22 | $5.88 | $14.36 | |||||||||
| JAN (MAR/JAN) | $5.94 | $14.33 | |||||||||
| CORN | |||||||||||
| FEB | MAR | APRIL | MAY | JUNE | JULY | NC22 | JAN | ||||
| Bman/Crad/Gbrook | -0.25 | -0.22 | -0.20 | -0.18 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| GrnMt/Mill Junc | $6.21 | $6.24 | $6.25 | $6.27 | $6.19 | $6.19 | $5.53 | $5.59 | |||
| Liscomb | -0.22 | -0.19 | -0.17 | -0.17 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.24 | $6.28 | $6.28 | $6.28 | $6.19 | $6.19 | $5.53 | $5.59 | ||||
| Haverhill | -0.22 | -0.18 | -0.18 | -0.18 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.24 | $6.28 | $6.27 | $6.27 | $6.19 | $6.19 | $5.53 | $5.59 | ||||
| Midway | -0.25 | -0.22 | -0.20 | -0.18 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.21 | $6.24 | $6.25 | $6.27 | $6.19 | $6.19 | $5.53 | $5.59 | ||||
| Hudson/LaPorte | -0.24 | -0.22 | -0.20 | -0.18 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.21 | $6.24 | $6.25 | $6.27 | $6.19 | $6.19 | $5.53 | $5.59 | ||||
| Cedar Falls | -0.16 | -0.16 | -0.20 | -0.15 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.21 | $6.30 | $6.25 | $6.30 | $6.19 | $6.19 | $5.53 | $5.59 | ||||
| Jesup | -0.16 | -0.16 | -0.16 | -0.12 | -0.10 | -0.10 | -0.30 | -0.35 | |||
| $6.30 | $6.30 | $6.29 | $6.33 | $6.29 | $6.29 | $5.58 | $5.59 | ||||
| EDDYVILLE | -0.11 | -0.05 | 0.04 | 0.03 | 0.03 | 0.03 | -0.30 | -0.22 | |||
| $6.35 | $6.41 | $6.49 | $6.48 | $6.42 | $6.42 | $5.58 | $5.72 | ||||
| CEDAR RAPIDS | -0.08 | 0.03 | 0.07 | 0.07 | 0.05 | 0.04 | -0.25 | -0.20 | |||
| $6.38 | $6.49 | $6.52 | $6.52 | $6.44 | $6.43 | $5.63 | $5.74 | ||||
| FORT DODGE | 0.05 | 0.05 | 0.20 | 0.20 | 0.20 | 0.20 | -0.15 | ||||
| $6.51 | $6.51 | $6.65 | $6.65 | $6.59 | $6.59 | $5.73 | |||||
| JEWELL | -0.02 | 0.00 | 0.07 | 0.07 | 0.00 | 0.00 | -0.28 | ||||
| $6.44 | $6.46 | $6.52 | $6.52 | $6.39 | $6.39 | $5.60 | |||||
| FAIRBANK | -0.14 | -0.12 | -0.07 | -0.07 | -0.10 | -0.10 | -0.25 | ||||
| $6.32 | $6.34 | $6.38 | $6.38 | $6.29 | $6.29 | $5.63 | |||||
| SEABOARD | 0.00 | 0.05 | 0.05 | ||||||||
| $6.46 | $6.50 | $6.50 | |||||||||
| IOWA FALLS | -0.04 | -0.04 | 0.00 | 0.00 | -0.10 | -0.10 | -0.30 | -0.30 | |||
| $6.42 | $6.42 | $6.45 | $6.45 | $6.29 | $6.29 | $5.58 | $5.64 | ||||
| SHELLROCK | -0.12 | -0.10 | -0.08 | -0.10 | -0.15 | -0.15 | -0.25 | ||||
| $6.34 | $6.36 | $6.37 | $6.35 | $6.24 | $6.24 | $5.63 | |||||
| LINCOLNWAY | -0.09 | -0.08 | 0.02 | 0.04 | 0.00 | 0.00 | -0.30 | -0.26 | |||
| $6.37 | $6.38 | $6.47 | $6.49 | $6.39 | $6.39 | $5.58 | $5.68 | ||||
| SINCLAIR | -0.08 | -0.08 | -0.12 | -0.12 | -0.13 | -0.13 | -0.28 | ||||
| $6.38 | $6.38 | $6.33 | $6.33 | $6.26 | $6.26 | $5.60 | |||||
| PINELAKE | -0.05 | -0.03 | -0.07 | -0.05 | -0.05 | -0.01 | -0.30 | -0.28 | |||
| $6.41 | $6.43 | $6.38 | $6.40 | $6.34 | $6.02 | $5.58 | $5.66 | ||||
| MASON CITY | -0.06 | -0.06 | -0.04 | -0.04 | -0.25 | ||||||
| $6.40 | $6.40 | $6.42 | $6.42 | $5.94 | $5.94 | $5.63 | |||||
| . | . | ||||||||||
| CHARLES CITY | -0.12 | -0.08 | 0.02 | 0.02 | 0.04 | 0.04 | -0.20 | ||||
| $6.34 | $6.38 | $6.47 | $6.47 | $6.43 | $6.43 | $5.68 | |||||
| HANLONTOWN | -0.09 | -0.06 | -0.04 | -0.04 | -0.08 | -0.08 | -0.30 | ||||
| $6.37 | $6.40 | $6.41 | $6.41 | $6.31 | $6.31 | $5.58 | |||||
| SOYBEANS | |||||||||||
| FEB | MAR | APRIL | MAY | JUNE | JULY | NC22 | JAN | ||||
| Bman/Crad/ | -0.75 | -0.65 | -0.65 | -0.58 | -0.56 | -0.53 | -0.61 | -0.60 | |||
| Gbrook/GrnMt/Midway | $15.19 | $15.29 | $15.29 | $15.36 | $15.32 | $15.35 | $13.75 | $13.73 | |||
| Lisc/Haverhill | -0.70 | -0.65 | -0.65 | -0.58 | -0.56 | -0.53 | -0.61 | -0.60 | |||
| $15.24 | $15.29 | $15.29 | $15.36 | $15.32 | $15.35 | $13.75 | $13.73 | ||||
| CedarF/Jesup/Hud/LaPo | -0.65 | -0.65 | -0.65 | -0.60 | -0.56 | -0.53 | -0.61 | -0.60 | |||
| $15.14 | $15.29 | $15.29 | $15.34 | $15.32 | $15.35 | $13.75 | $13.73 | ||||
| IOWA FALLS | -0.75 | -0.65 | -0.45 | -0.25 | -0.35 | -0.25 | -0.35 | -0.20 | |||
| $15.19 | $15.29 | $15.49 | $15.69 | $15.53 | $15.63 | $14.01 | $14.13 | ||||
| CEDAR RAPIDS | -0.75 | -0.65 | -0.30 | -0.15 | -0.15 | -0.15 | -0.30 | -0.15 | |||
| $15.19 | $15.29 | $15.64 | $15.79 | $15.73 | $15.73 | $14.06 | $14.18 | ||||
| DES MOINES | -0.37 | -0.30 | -0.35 | -0.35 | -0.35 | -0.35 | -0.40 | -0.35 | |||
| $15.57 | $15.64 | $15.59 | $15.59 | $15.53 | $15.53 | $13.96 | $13.98 | ||||
| AGP | -0.45 | -0.35 | -0.35 | ||||||||
| $15.49 | $15.59 | $14.01 | |||||||||
.
The information contained in this email is believed to be reliable but is not guaranteed to accuracy or completeness by MID IOWA COOPERATIVE. This is provided for informational purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities. Bids are to be used as a reference only. Prices may change at any time without notice. Please call a Mid Iowa Coop location for updated bids.