Daily Commentary
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Wednesday March 2nd
Corn: -3/4 to -15 ½
The corn market had another volatile session that saw it trade both sides of unchanged before ending lower. Corn spreads were much firmer today with nearby values just fractionally lower while new crop values lost over 15 cents. May futures did trade a range of over 35 cents on the day. The ongoing concerns with Ukrainian exports and crops have the wheat market in complete turmoil with that spilling over to the corn market. Nearby wheat finished the day again at the 75-cent limit higher. Weekly energy report numbers were mixed today with ethanol production numbers down from last week with stocks also showing a draw-down. Weekly demand data did show gasoline consumption lower as prices continue to rise.
Soybeans: -27 to -24 ½
Soybeans traded higher early before selling off and ending with sharp losses. The May contract ended 27 cents lower, giving back half of yesterday’s gain. November futures lost nearly 25 cents after trading in nearly a 45 cent range. Soybean products were also lower with soybean meal losing over $6 on the day. Widespread veg oil weakness was seen today, helping to pressure soybeans along with some profit taking being realized. The USDA did release several flash sales this morning with both old and new crop soybeans being booking to both unknown and China. Most traders believe the old crop “unknown” sales to be Mexico at this point. Tomorrow will bring updated weekly sales numbers.
Mid Iowa Cooperative has recently revised its HTA contract service fees. For details, please contact your Mid Iowa grain representative.
| 3/2/2022 | ||||||||||
| Processor Bids and Hours are subject to change, please call before hauling | ||||||||||
| HOURS | MON | TUE | WED | THURS | FRI | SAT | SUN | |||
| ADM CR | CLOSED | 5-3 | 5-12 | 5-12 | ||||||
| EDDYVILLE | 6-4 | TBA | ||||||||
| STARCH | CLOSED | TBA | ||||||||
| PENFORD | WAXY | 7:30-2:30 | ||||||||
| FORT DODGE | CLOSED | 7-3 | ||||||||
| JEWELL | 7:30-4 | 7:30-4 | ||||||||
| SEABOARD | 6-4:30 | 6-4:30 | ||||||||
| FAIRBANK / POET | CLOSED | 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 | 6-6 | 6-6 | ||||||||
| AGP EAGLE GROVE | ||||||||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 2/28/2022 | 30.40% | |||||
| MAR 22 | $7.39 | $16.77 | ||||||||
| MAY 22 | $7.25 | $16.63 | ||||||||
| JUL 22 | $6.94 | $16.34 | ||||||||
| DEC/NOV 22 | $6.09 | $14.52 | ||||||||
| JAN (MAR/JAN) | $6.12 | $14.48 | ||||||||
| CORN | ||||||||||
| MAR | APRIL | MAY | JUNE | JULY | NC22 | JAN | ||||
| Bman/Crad/Gbrook | -0.37 | -0.30 | -0.27 | -0.25 | -0.25 | -0.40 | -0.35 | |||
| GrnMt/Mill Junc | $6.88 | $6.95 | $6.98 | $6.69 | $6.69 | $5.69 | $5.72 | |||
| Liscomb | -0.35 | -0.28 | -0.26 | -0.25 | -0.25 | -0.40 | -0.35 | |||
| $6.99 | $6.97 | $6.99 | $6.69 | $6.69 | $5.69 | $5.72 | ||||
| Haverhill | -0.35 | -0.30 | -0.27 | -0.25 | -0.25 | -0.40 | -0.35 | |||
| $6.90 | $6.95 | $6.98 | $6.69 | $6.69 | $5.69 | $5.72 | ||||
| Midway | -0.37 | -0.30 | -0.27 | -0.25 | -0.25 | -0.40 | -0.35 | |||
| $6.88 | $6.95 | $6.98 | $6.69 | $6.69 | $5.69 | $5.72 | ||||
| Hudson/LaPorte | -0.37 | -0.30 | -0.27 | -0.25 | -0.25 | -0.40 | -0.35 | |||
| $6.88 | $6.95 | $6.98 | $6.69 | $6.69 | $5.69 | $5.72 | ||||
| Cedar Falls | -0.28 | -0.30 | -0.25 | -0.25 | -0.25 | -0.40 | -0.35 | |||
| $6.97 | $6.95 | $7.00 | $6.69 | $6.69 | $5.69 | $5.72 | ||||
| Jesup | -0.28 | -0.28 | -0.25 | -0.15 | -0.15 | -0.35 | -0.35 | |||
| $6.97 | $6.97 | $7.00 | $6.79 | $6.79 | $5.74 | $5.72 | ||||
| EDDYVILLE | -0.17 | 0.02 | 0.03 | 0.01 | 0.01 | -0.30 | -0.22 | |||
| $7.08 | $7.27 | $7.28 | $6.95 | $6.95 | $5.79 | $5.90 | ||||
| CEDAR RAPIDS | -0.12 | 0.04 | 0.05 | 0.07 | 0.07 | -0.20 | -0.20 | |||
| $7.13 | $7.29 | $7.30 | $7.01 | $7.01 | $5.89 | $5.92 | ||||
| FORT DODGE | -0.12 | 0.05 | 0.05 | 0.08 | 0.08 | -0.30 | ||||
| $7.13 | $7.30 | $7.30 | $7.02 | $7.02 | $5.79 | |||||
| JEWELL | -0.09 | -0.05 | -0.02 | 0.00 | 0.00 | -0.28 | -0.25 | |||
| $7.16 | $7.20 | $7.23 | $6.94 | $6.94 | $5.81 | $5.87 | ||||
| FAIRBANK | -0.20 | -0.15 | -0.15 | -0.10 | -0.10 | -0.25 | ||||
| $7.05 | $7.10 | $7.10 | $6.84 | $6.84 | $5.84 | |||||
| SEABOARD | -0.09 | -0.07 | 0.12 | 0.14 | -0.20 | |||||
| $7.16 | $7.18 | $7.06 | $7.08 | $5.89 | ||||||
| IOWA FALLS | -0.15 | -0.13 | -0.13 | -0.05 | -0.05 | -0.30 | -0.30 | |||
| $7.10 | $7.12 | $7.12 | $6.89 | $6.89 | $5.79 | $5.82 | ||||
| SHELLROCK | -0.22 | -0.18 | -0.15 | -0.15 | -0.15 | -0.25 | ||||
| $7.03 | $7.07 | $7.10 | $6.79 | $6.79 | $5.84 | |||||
| LINCOLNWAY | -0.15 | -0.07 | -0.04 | 0.02 | 0.02 | -0.30 | -0.25 | |||
| $7.10 | $7.18 | $7.21 | $6.96 | $6.96 | $5.79 | $5.87 | ||||
| SINCLAIR | -0.20 | -0.16 | -0.16 | -0.13 | -0.13 | -0.28 | ||||
| $7.05 | $7.09 | $7.09 | $6.81 | $6.81 | $5.81 | |||||
| PINELAKE | -0.20 | -0.18 | -0.15 | -0.03 | -0.01 | -0.30 | -0.28 | |||
| $7.05 | $7.07 | $7.10 | $6.91 | $6.02 | $5.79 | $5.84 | ||||
| MASON CITY | -0.14 | -0.14 | -0.14 | -0.06 | -0.06 | -0.25 | ||||
| $7.11 | $7.25 | $7.25 | $6.88 | $6.88 | $5.84 | |||||
| . | ||||||||||
| CHARLES CITY | -0.24 | -0.18 | -0.15 | -0.07 | -0.07 | -0.25 | ||||
| $7.01 | $7.07 | $7.10 | $6.87 | $6.87 | $5.84 | |||||
| HANLONTOWN | -0.16 | -0.14 | -0.14 | -0.08 | -0.08 | -0.28 | ||||
| $7.09 | $7.11 | $7.11 | $6.86 | $6.86 | $5.81 | |||||
| SOYBEANS | ||||||||||
| MAR | APRIL | MAY | JUNE | JULY | NC22 | JAN | ||||
| Bman/Crad/ | -0.85 | -0.80 | -0.75 | -0.65 | -0.53 | -0.65 | -0.60 | |||
| Gbrook/GrnMt/Midway | $15.78 | $15.83 | $15.88 | $15.69 | $15.69 | $13.87 | $13.83 | |||
| Lisc/Haverhill | -0.85 | -0.80 | -0.75 | -0.65 | -0.53 | -0.65 | -0.60 | |||
| $15.78 | $15.83 | $15.88 | $15.69 | $15.69 | $13.87 | $13.83 | ||||
| CedarF/Jesup/Hud/LaPo | -0.85 | -0.80 | -0.75 | -0.65 | -0.53 | -0.65 | -0.60 | |||
| $15.78 | $15.83 | $15.88 | $15.69 | $15.69 | $13.87 | $13.83 | ||||
| IOWA FALLS | -0.90 | -0.80 | -0.80 | -0.70 | -0.50 | -0.35 | -0.20 | |||
| $15.73 | $15.83 | $15.83 | $15.64 | $15.84 | $14.17 | $14.28 | ||||
| CEDAR RAPIDS | -0.70 | -0.40 | -0.30 | -0.20 | -0.15 | -0.30 | -0.15 | |||
| $15.93 | $16.23 | $16.33 | $16.14 | $16.19 | $14.22 | $14.33 | ||||
| DES MOINES | -0.45 | -0.45 | -0.45 | -0.45 | -0.45 | -0.40 | -0.35 | |||
| $16.18 | $16.18 | $16.18 | $15.89 | $15.89 | $14.12 | $14.13 | ||||
| AGP | -0.50 | -0.35 | ||||||||
| $16.13 | $14.17 | |||||||||
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.