Daily Commentary
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Thursday February 10th
Corn: -5 to -3 ¾
The corn market finished with modest losses after an erratic trading session. Nearby futures lost 5 cents on the day while finishing over 20 cents off the early high. New crop values fared slightly better, losing nearly 4 cents after making a new contract high early in the day. Early strength came on the heels of soybeans as they rallied sharply early. Weekly export sales were disappointing at just 23.2 million bushels. China did show up in the cancellations, showing the previously announced 15-million-bushel cancellation. Brazil’s Conab did lower their corn production estimates slightly today. Their second crop corn is the larger of the crops there, giving plenty of time for weather conditions to improve.
Soybeans: -20 ¼ to -5 ½
Soybeans had a wild ride today with values ending lower after a sharpy rally early in the morning. March futures ended the day over 20 cents lower after trading nearly 40 cents higher early. The November contract lost just over nickel while finishing 37 cents below the high. Soy products were mixed with soybean meal falling off sharply while oil was able to finish with a modest gain. The early strength came after Conab cut their Brazilian soy forecast to 125.5 mmt after the USDA yesterday gave us a forecast of 134 mmt. The market has seen this much disparity in the 2 forecast and strong buying ensued. The market seemed to discount the validity of the Conab estimate through the day along with more concern over waning Chinese demand especially at the values, causing values to retreat quickly.
| 2/10/2022 | |||||||||||
| Processor Bids and Hours are subject to change, please call before hauling | |||||||||||
| HOURS | MON | TUE | WED | THURS | FRI | SAT | SUN | ||||
| ADM CR | 5-12 | 5-12 | 5-12 | ||||||||
| EDDYVILLE | 6-4 | 6-2 | |||||||||
| STARCH | 7-3 | 7-12 | |||||||||
| PENFORD | 7:30-2:30 | 7:30-2:30 | WAXY | 730-10 | |||||||
| FORT DODGE | 7-4 | 7-4 | |||||||||
| JEWELL | 7:30-4 | 7:30-4 | |||||||||
| SEABOARD | 6:30-4 | ||||||||||
| FAIRBANK / POET | 7-5 | 7-3 | |||||||||
| IOWA FALLS / POET | 7-5 | 7-5 | |||||||||
| SHELLROCK / POET | 7-5 | CLOSED | |||||||||
| 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 | 6-6 | CLOSED | |||||||||
| AGP EAGLE GROVE | 7-5 | 0-Jan | |||||||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 2/7/2022 | 30.40% | ||||||
| MAR 22 | $6.42 | $15.74 | |||||||||
| MAY 22 | $6.40 | $15.76 | |||||||||
| JUL 22 | $6.35 | $15.71 | |||||||||
| DEC/NOV 22 | $5.85 | $14.32 | |||||||||
| JAN (MAR/JAN) | $5.92 | $14.28 | |||||||||
| 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 | $6.17 | $6.20 | $6.20 | $6.22 | $6.15 | $6.15 | $5.50 | $5.57 | |||
| Liscomb | -0.22 | -0.19 | -0.17 | -0.17 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.20 | $6.23 | $6.23 | $6.23 | $6.15 | $6.15 | $5.50 | $5.57 | ||||
| Haverhill | -0.22 | -0.18 | -0.18 | -0.18 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.20 | $6.24 | $6.22 | $6.22 | $6.15 | $6.15 | $5.50 | $5.57 | ||||
| Midway | -0.25 | -0.22 | -0.20 | -0.18 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.17 | $6.20 | $6.20 | $6.22 | $6.15 | $6.15 | $5.50 | $5.57 | ||||
| Hudson/LaPorte | -0.24 | -0.22 | -0.20 | -0.18 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.17 | $6.20 | $6.20 | $6.22 | $6.15 | $6.15 | $5.50 | $5.57 | ||||
| Cedar Falls | -0.16 | -0.16 | -0.20 | -0.15 | -0.20 | -0.20 | -0.35 | -0.35 | |||
| $6.17 | $6.26 | $6.20 | $6.25 | $6.15 | $6.15 | $5.50 | $5.57 | ||||
| Jesup | -0.16 | -0.16 | -0.16 | -0.12 | -0.10 | -0.10 | -0.30 | -0.35 | |||
| $6.26 | $6.26 | $6.24 | $6.28 | $6.25 | $6.25 | $5.55 | $5.57 | ||||
| EDDYVILLE | -0.11 | -0.05 | 0.04 | 0.03 | 0.03 | 0.03 | -0.30 | -0.22 | |||
| $6.31 | $6.37 | $6.44 | $6.43 | $6.38 | $6.38 | $5.55 | $5.70 | ||||
| CEDAR RAPIDS | -0.08 | 0.03 | 0.07 | 0.07 | 0.05 | 0.04 | -0.25 | -0.20 | |||
| $6.34 | $6.45 | $6.47 | $6.47 | $6.40 | $6.39 | $5.60 | $5.72 | ||||
| FORT DODGE | 0.05 | 0.05 | 0.20 | 0.20 | 0.20 | 0.20 | -0.15 | ||||
| $6.47 | $6.47 | $6.60 | $6.60 | $6.55 | $6.55 | $5.70 | |||||
| JEWELL | -0.02 | 0.00 | 0.07 | 0.07 | 0.00 | 0.00 | -0.28 | ||||
| $6.40 | $6.42 | $6.47 | $6.47 | $6.35 | $6.35 | $5.57 | |||||
| FAIRBANK | -0.14 | -0.12 | -0.07 | -0.07 | -0.10 | -0.10 | -0.25 | ||||
| $6.28 | $6.30 | $6.33 | $6.33 | $6.25 | $6.25 | $5.60 | |||||
| SEABOARD | 0.00 | 0.05 | 0.05 | ||||||||
| $6.42 | $6.45 | $6.45 | |||||||||
| IOWA FALLS | -0.04 | -0.04 | 0.00 | 0.00 | -0.10 | -0.10 | -0.30 | -0.30 | |||
| $6.38 | $6.38 | $6.40 | $6.40 | $6.25 | $6.25 | $5.55 | $5.62 | ||||
| SHELLROCK | -0.12 | -0.10 | -0.08 | -0.10 | -0.15 | -0.15 | -0.25 | ||||
| $6.30 | $6.32 | $6.32 | $6.30 | $6.20 | $6.20 | $5.60 | |||||
| LINCOLNWAY | -0.09 | -0.08 | 0.02 | 0.04 | 0.00 | 0.00 | -0.30 | -0.26 | |||
| $6.33 | $6.34 | $6.42 | $6.44 | $6.35 | $6.35 | $5.55 | $5.66 | ||||
| SINCLAIR | -0.08 | -0.08 | -0.12 | -0.12 | -0.13 | -0.13 | -0.28 | ||||
| $6.34 | $6.34 | $6.28 | $6.28 | $6.22 | $6.22 | $5.57 | |||||
| PINELAKE | -0.05 | -0.03 | -0.07 | -0.05 | -0.05 | -0.01 | -0.30 | -0.28 | |||
| $6.37 | $6.39 | $6.33 | $6.35 | $6.30 | $6.02 | $5.55 | $5.64 | ||||
| MASON CITY | -0.06 | -0.06 | -0.04 | -0.04 | -0.25 | ||||||
| $6.36 | $6.36 | $6.38 | $6.38 | $5.92 | $5.92 | $5.60 | |||||
| . | . | ||||||||||
| CHARLES CITY | -0.12 | -0.08 | 0.02 | 0.02 | 0.04 | 0.04 | -0.20 | ||||
| $6.30 | $6.34 | $6.42 | $6.42 | $6.39 | $6.39 | $5.65 | |||||
| HANLONTOWN | -0.09 | -0.06 | -0.04 | -0.04 | -0.08 | -0.08 | -0.30 | ||||
| $6.33 | $6.36 | $6.36 | $6.36 | $6.27 | $6.27 | $5.55 | |||||
| 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 | $14.99 | $15.09 | $15.11 | $15.18 | $15.15 | $15.18 | $13.71 | $13.68 | |||
| Lisc/Haverhill | -0.70 | -0.65 | -0.65 | -0.58 | -0.56 | -0.53 | -0.61 | -0.60 | |||
| $15.04 | $15.09 | $15.11 | $15.18 | $15.15 | $15.18 | $13.71 | $13.68 | ||||
| CedarF/Jesup/Hud/LaPo | -0.65 | -0.65 | -0.65 | -0.60 | -0.56 | -0.53 | -0.61 | -0.60 | |||
| $14.94 | $15.09 | $15.11 | $15.16 | $15.15 | $15.18 | $13.71 | $13.68 | ||||
| IOWA FALLS | -0.75 | -0.65 | -0.45 | -0.25 | -0.35 | -0.25 | -0.35 | -0.20 | |||
| $14.99 | $15.09 | $15.31 | $15.51 | $15.36 | $15.46 | $13.97 | $14.08 | ||||
| CEDAR RAPIDS | -0.75 | -0.65 | -0.30 | -0.15 | -0.15 | -0.15 | -0.30 | -0.15 | |||
| $14.99 | $15.09 | $15.46 | $15.61 | $15.56 | $15.56 | $14.02 | $14.13 | ||||
| DES MOINES | -0.37 | -0.30 | -0.35 | -0.35 | -0.35 | -0.35 | -0.40 | -0.35 | |||
| $15.37 | $15.44 | $15.41 | $15.41 | $15.36 | $15.36 | $13.92 | $13.93 | ||||
| AGP | -0.45 | -0.35 | -0.35 | ||||||||
| $15.29 | $15.39 | $13.97 | |||||||||
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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.