Daily Commentary
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Friday May 13th
Corn: -10 ¼ to -4 ¼
The corn market finished the day with moderate losses after trading both sides of unchanged through the session. Nearby values fell under the most pressure with the July contract losing over a dime on the day. December futures lost just over 4 cents after making a new contract high during the overnight trade. The old/new spread was under pressure this week with July values off 4 cents and the new crop gaining 28 cents. There were rumors today of Chinse corn purchases rolling to new crop, this would also pressure the spreads. The slow planting progress has helped to support the new crop values this week along with the somewhat surprising first look at the 2022/23 balance sheet from the USDA. Planting progress has improved this week with the biggest concerns coming from the Northern corn-belt.
Soybeans: +32 ¾ to +17 ¾
The soybean market rallied throughout the session today and finished with sharp gains. Strength was in the nearby with July futures finishing over 32 cents higher while new crop values gained nearly 18 cents. Soy products were also higher today with soybean meal adding over $13 to the July contract. The USDA did announce a small flash sale of old soybeans to China in the morning update as it has many days since we’ve seen a morning announcement. Us soybeans remain competitive to South American supplies in the summer months but Chinese demand does remain in question due to COVID shutdowns.
Mid Iowa Cooperative has recently revised their HTA contract service fees. For details, please contact your Mid Iowa grain representative.
| 5/13/2022 | |||||||||||
| Processor Bids and Hours are subject to change, please call before hauling | |||||||||||
| HOURS | MON | TUE | WED | THURS | FRI | SAT | SUN | ||||
| ADM CR | 5-6 | 5-6 | 5-6 | 5-1 | 5-1 | ||||||
| EDDYVILLE | 6-5 | 6-5 | |||||||||
| STARCH | 7-3 | 7-TBA | |||||||||
| PENFORD | 7:30-2:30 | 7:30-2:30 | |||||||||
| FORT DODGE | 7-3 | 7-3 | 7-3 | ||||||||
| JEWELL | 7:30-4 | 7:30-4 | 7:30-4 | ||||||||
| SEABOARD | 6-4 | ||||||||||
| FAIRBANK / POET | 7-2 | 7-2 | 7-2 | ||||||||
| IOWA FALLS / POET | 7-5 | 7-5 | 7-5 | ||||||||
| SHELLROCK / POET | CLOSED | CLOSED | CLOSED | ||||||||
| LINCOLN WAY | 8-4 | 8-4 | 8-4 | ||||||||
| PINELAKE | 7:30-4:15 | 7:30-4:15 | 7:30-4:15 | ||||||||
| IOWA FALLS/CARGIL | 6-5 | 6-5 | 6-5 | 6-5 | |||||||
| CEDAR RAPIDS/CARGIL | 6-5 | 6-5 | 6-5 | 6-5 | 7-1 | ||||||
| ADM DM | 6-6 | 6-6 | 6-6 | 6-6 | |||||||
| AGP EAGLE GROVE | 7-5 | 7-5 | 7-5 | 7-5 | |||||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 5/9/2022 | 51.90% | ||||||
| MAY 22 | $7.94 | $17.23 | |||||||||
| JUL 22 | $7.81 | $16.46 | |||||||||
| DEC/NOV 22 | $7.49 | $14.98 | |||||||||
| JAN (MAR/JAN) | $7.52 | $14.99 | |||||||||
| NC ’23 | $6.45 | $13.77 | |||||||||
| CORN | |||||||||||
| MAY | JUNE | JULY | NC22 | JAN | NC23 | ||||||
| Bman/Crad/Gbrook | -0.20 | -0.17 | -0.17 | -0.40 | -0.35 | -0.50 | |||||
| GrnMt/Mill Junc | $7.61 | $7.64 | $7.64 | $7.09 | $7.12 | $5.95 | |||||
| Liscomb | -0.17 | -0.12 | -0.12 | -0.40 | -0.35 | -0.50 | |||||
| $7.64 | $7.69 | $7.69 | $7.09 | $7.12 | $5.95 | ||||||
| Haverhill | -0.17 | -0.15 | -0.15 | -0.40 | -0.35 | -0.50 | |||||
| $7.64 | $7.66 | $7.66 | $7.09 | $7.12 | $5.95 | ||||||
| Midway | -0.20 | -0.18 | -0.18 | -0.40 | -0.35 | -0.50 | |||||
| $7.61 | $7.63 | $7.63 | $7.09 | $7.12 | $5.95 | ||||||
| Hudson/LaPorte | -0.20 | -0.18 | -0.18 | -0.40 | -0.35 | -0.50 | |||||
| $7.61 | $7.63 | $7.63 | $7.09 | $7.12 | $5.95 | ||||||
| Cedar Falls | -0.10 | -0.10 | -0.10 | -0.40 | -0.35 | -0.50 | |||||
| $7.71 | $7.71 | $7.71 | $7.09 | $7.12 | $5.95 | ||||||
| Jesup | -0.07 | -0.07 | -0.07 | -0.40 | -0.35 | -0.50 | |||||
| $7.74 | $7.74 | $7.74 | $7.09 | $7.12 | $5.95 | ||||||
| EDDYVILLE | 0.10 | 0.10 | 0.07 | -0.23 | -0.22 | -0.30 | |||||
| $7.91 | $7.91 | $7.88 | $7.26 | $7.30 | $6.15 | ||||||
| CEDAR RAPIDS | 0.21 | 0.14 | 0.10 | -0.20 | -0.20 | -0.30 | |||||
| $8.02 | $7.95 | $7.91 | $7.29 | $7.32 | $6.15 | ||||||
| FORT DODGE | 0.28 | 0.28 | 0.28 | -0.18 | -0.12 | ||||||
| $8.09 | $8.09 | $8.09 | $7.31 | $7.40 | |||||||
| JEWELL | 0.10 | 0.17 | 0.17 | -0.27 | -0.27 | ||||||
| $7.91 | $7.98 | $7.98 | $7.22 | $7.25 | |||||||
| FAIRBANK | 0.10 | 0.10 | 0.10 | -0.30 | -0.25 | ||||||
| $7.91 | $7.91 | $7.91 | $7.19 | $7.24 | |||||||
| SEABOARD | 0.15 | 0.25 | 0.25 | -0.20 | |||||||
| $7.96 | $8.06 | $8.06 | $7.29 | ||||||||
| IOWA FALLS | 0.10 | 0.20 | 0.20 | -0.30 | -0.30 | ||||||
| $7.91 | $8.01 | $8.01 | $7.19 | $7.22 | |||||||
| SHELLROCK | 0.10 | 0.10 | 0.10 | -0.30 | -0.25 | ||||||
| $7.91 | $7.91 | $7.91 | $7.19 | $7.24 | |||||||
| LINCOLNWAY | 0.07 | 0.12 | 0.12 | -0.27 | -0.25 | ||||||
| $7.88 | $7.93 | $7.93 | $7.22 | $7.27 | |||||||
| SINCLAIR | 0.07 | 0.10 | 0.10 | -0.35 | -0.3 | ||||||
| $7.88 | $7.91 | $7.91 | $7.14 | $7.22 | |||||||
| PINELAKE | 0.04 | 0.09 | 0.10 | -0.30 | -0.28 | -0.38 | |||||
| $7.85 | $7.90 | $6.02 | $7.19 | $7.24 | $6.07 | ||||||
| MASON CITY | 0.08 | 0.1 | 0.1 | -0.25 | |||||||
| $7.89 | $7.91 | $7.91 | $7.24 | ||||||||
| CHARLES CITY | 0.10 | 0.12 | 0.12 | -0.26 | |||||||
| $7.91 | $7.93 | $7.93 | $7.23 | ||||||||
| HANLONTOWN | 0.10 | 0.10 | 0.10 | -0.32 | -0.30 | ||||||
| $7.91 | $7.91 | $7.91 | $7.17 | $7.19 | |||||||
| SOYBEANS | |||||||||||
| MAY | JUNE | JULY | NC22 | JAN | NC23 | ||||||
| Bman/Crad/ | -0.65 | -0.65 | -0.65 | -0.75 | -0.60 | -0.80 | |||||
| Gbrook/GrnMt/Midway | $15.81 | $15.81 | $15.81 | $14.23 | $14.34 | $12.97 | |||||
| Lisc/Haverhill | -0.60 | -0.60 | -0.60 | -0.75 | -0.60 | -0.80 | |||||
| $15.86 | $15.86 | $15.86 | $14.23 | $14.34 | $12.97 | ||||||
| CedarF/Jesup/Hud/LaPo | -0.65 | -0.65 | -0.56 | -0.75 | -0.60 | -0.80 | |||||
| $15.81 | $15.81 | $15.81 | $14.23 | $14.34 | $12.97 | ||||||
| IOWA FALLS | -1.00 | -1.00 | -0.60 | -0.40 | -0.20 | ||||||
| $15.46 | $15.46 | $15.86 | $14.58 | $14.79 | |||||||
| CEDAR RAPIDS | -0.10 | 0.10 | 0.10 | -0.35 | -0.15 | ||||||
| $16.36 | $16.56 | $16.56 | $14.63 | $14.84 | |||||||
| DES MOINES | 0.20 | 0.15 | 0.05 | -0.40 | -0.25 | ||||||
| $16.66 | $16.61 | $16.51 | $14.58 | $14.74 | |||||||
| AGP | -0.4 | -0.4 | -0.25 | ||||||||
| $16.06 | $16.06 | $14.73 | |||||||||
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.