Daily Commentary
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Tuesday June 29th
Corn: +1 to +1 ¼
The corn market traded higher much of the session before ending with just small gains. Both the September and December contracts finished near a penny higher but well below the early high. Corn had a choppy day ahead of tomorrow’s reports. Yesterday’s conditions reports showed a small drop in ratings which was somewhat surprising to the trade. Mid-day weather updates did turn slightly wetter for parts of IA and MN, but heat is expected to also return. Traders are expecting corn acreage to increase nearly 3 million in tomorrow’s update with 3rd quarter stocks down nearly 900 million from last year.
Soybeans: +3 to Steady
Soybeans traded both sides of unchanged through the session before ending mixed. Nearby values finished the day 3 cents higher after trading in a range of over 25 cents. New crop values were steady but did finish well above the overnight low. Soybean products were mixed today with soybean oil posting a solid gain on the day. Tomorrow will bring first notice day for the July contract with the prospect that there could be a few deliveries posted. Soybean acreage is also expected to increase in tomorrow’s acreage update with the trade expecting a just over 1 million acre increase. Stocks are expected to reported at just under 800 million with spreads and basis indicating that we could be in for a bearish stocks surprise.
Dustin’s new crop idea for the day:
No KO Accumulator w/ Floor or Ceiling
Underlying: CZ1 – Dec 21 @ 546.5
Purchase Date: 6/29/21
First Expiry: 6/29/21
Final Expiry: 11/26/21
Accumulation Periods: 106
Quantity: 1 Contract
Quantity Per Period: 0.0094 Contracts
Double Up Risk: 0.0094 Additional Contracts Each Period
Structure Behavior:
- Each Day, if the market settles above 545 (■), the client sells the period quantity at 582 (▲)
- Each Day, if the market settles below 545 (■), the client sells the period quantity at 545 (■)
- Each Day, if the market settles above 582 (▲), then the client sells an additional period quantity at 582 (▲)
| 6/29/2021 | |||||||||||
| Processor Bids and Hours are subject to change, please call before hauling | |||||||||||
| HOURS | MON | TUE | WED | THURS | FRI | SAT | SUN | ||||
| ADM CR | 5-7 | 5-7 | 5-7 | 7-12 | 7-12 | ||||||
| EDDYVILLE | 6-5 | 7-5 | |||||||||
| STARCH | 7-3 | ||||||||||
| PENFORD | CLOSED | WAXY | 730-10 | ||||||||
| FORT DODGE | 7-TBA | 7–TBA | |||||||||
| JEWELL | 730-4 | 730-4 | 730-4 | ||||||||
| SEABOARD | |||||||||||
| FAIRBANK / FH | 6-4 | 8-4 | 6-4 | ||||||||
| IOWA FALLS / FH | 7-12 | 730-5 | 7-12 | ||||||||
| SHELLROCK / FH | 7-12 | 7-5 | CLOSED | ||||||||
| LINCOLN WAY | 8-2 | 8-2 | 8-2 | ||||||||
| PINELAKE | |||||||||||
| IOWA FALLS/CARGIL | APPT | APPT | APPT | ||||||||
| CEDAR RAPIDS/CARGIL | APPT | APPT | APPT | ||||||||
| ADM DM | 6-6 | 6-6 | 6-6 | 7-3 | |||||||
| AGP EAGLE GROVE | |||||||||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 6/28/2021 | 20.90% | ||||||
| JULY 21 | $6.94 | $13.60 | |||||||||
| AUG 21 | $13.40 | ||||||||||
| SEP 21 | $5.59 | ||||||||||
| DEC / NOV 21 | $5.48 | $13.12 | |||||||||
| JAN 22 | $13.16 | ||||||||||
| MAR 22 | $5.55 | $12.99 | |||||||||
| CORN | |||||||||||
| JUNE | JULY | AUG | SEP | NC21 | DEC | JAN | MAR | ||||
| Bman/Crad/Gbrook | 0.85 | 0.85 | 0.20 | -0.30 | -0.30 | -0.25 | -0.35 | -0.35 | |||
| GrnMt/Mill Junc | $6.44 | $6.44 | $5.79 | $5.18 | $5.18 | $5.23 | $5.20 | $5.20 | |||
| Liscomb | 0.85 | 0.85 | 0.20 | -0.30 | -0.30 | -0.25 | -0.30 | -0.30 | |||
| $6.44 | $6.44 | $5.79 | $5.18 | $5.18 | $5.23 | $5.25 | $5.25 | ||||
| Haverhill | 0.85 | 0.85 | 0.27 | -0.30 | -0.30 | -0.25 | -0.35 | -0.35 | |||
| $6.44 | $6.44 | $5.86 | $5.18 | $5.18 | $5.23 | $5.20 | $5.20 | ||||
| Midway | 0.85 | 0.85 | 0.25 | -0.30 | -0.30 | -0.25 | -0.35 | -0.35 | |||
| $6.44 | $6.44 | $5.84 | $5.18 | $5.18 | $5.23 | $5.20 | $5.20 | ||||
| Hudson/LaPorte | 0.85 | 0.85 | 0.22 | -0.30 | -0.30 | -0.25 | -0.35 | -0.35 | |||
| $6.44 | $6.44 | $5.81 | $5.18 | $5.18 | $5.23 | $5.20 | $5.20 | ||||
| Cedar Falls | 0.85 | 0.85 | 0.25 | -0.30 | -0.28 | -0.25 | -0.30 | -0.30 | |||
| $6.44 | $6.44 | $5.84 | $5.18 | $5.20 | $5.23 | $5.25 | $5.25 | ||||
| Jesup | 0.85 | 0.85 | 0.32 | -0.30 | -0.25 | -0.25 | -0.25 | -0.25 | |||
| $6.44 | $6.44 | $5.91 | $5.18 | $5.23 | $5.23 | $5.30 | $5.30 | ||||
| EDDYVILLE | 1.00 | 1.00 | 1.25 | 0.00 | -0.15 | -0.05 | -0.14 | -0.10 | |||
| $6.59 | $6.59 | $6.84 | $5.59 | $5.33 | $5.43 | $5.41 | $5.45 | ||||
| CEDAR RAPIDS | 0.05 | 0.05 | 1.15 | 0.40 | -0.15 | -0.07 | -0.14 | -0.07 | |||
| $6.99 | $6.99 | $6.74 | $5.99 | $5.33 | $5.41 | $5.41 | $5.48 | ||||
| FORT DODGE | 1.00 | 1.00 | 1.05 | 0.50 | 0.00 | -0.05 | -0.07 | -0.05 | |||
| $6.59 | $6.59 | $6.64 | $6.09 | $5.48 | $5.43 | $5.48 | $5.50 | ||||
| JEWELL | 1.02 | 1.02 | 1.05 | 0.90 | -0.24 | -0.20 | -0.24 | -0.24 | |||
| $6.61 | $6.61 | $6.64 | $6.38 | $5.24 | $5.28 | $5.31 | $5.31 | ||||
| FAIRBANK | 1.00 | 1.00 | 0.70 | 0.70 | -0.25 | -0.2 | -0.25 | -0.25 | |||
| $6.59 | $6.59 | $6.29 | $6.29 | $5.23 | $5.28 | $5.30 | $5.30 | ||||
| SEABOARD | 0.75 | -0.20 | -0.10 | ||||||||
| $6.94 | $6.94 | $6.34 | $5.28 | $5.38 | |||||||
| IOWA FALLS | 0.90 | 0.90 | 0.70 | 0.70 | -0.25 | -0.15 | -0.30 | -0.25 | |||
| $6.49 | $6.49 | $6.29 | $6.29 | $5.23 | $5.33 | $5.25 | $5.30 | ||||
| SHELLROCK | 0.90 | 0.90 | 0.70 | 0.70 | -0.25 | -0.20 | -0.25 | -0.25 | |||
| $6.49 | $6.49 | $6.29 | $6.29 | $5.23 | $5.28 | $5.30 | $5.30 | ||||
| LINCOLNWAY | 0.93 | 0.95 | 1.05 | 0.30 | -0.24 | -0.15 | -0.23 | -0.19 | |||
| $6.52 | $6.54 | $6.64 | $5.78 | $5.24 | $5.33 | $5.32 | $5.36 | ||||
| SINCLAIR | 0.90 | 0.90 | 0.28 | -0.25 | |||||||
| $6.49 | $6.49 | $5.76 | $5.30 | ||||||||
| PINELAKE | 0.95 | 0.95 | 0.98 | 1.00 | -0.20 | -0.15 | -0.18 | -0.14 | |||
| $6.54 | $6.54 | $6.57 | $6.59 | $5.28 | $5.33 | $5.37 | $5.41 | ||||
| MASON CITY | 1.00 | 1.00 | 0.70 | -0.24 | |||||||
| $6.59 | $6.59 | $6.29 | 5.24 | ||||||||
| . | . | . | . | . | |||||||
| CHARLES CITY | 0.85 | 0.85 | 0.75 | 0.20 | -0.20 | -0.15 | -0.30 | -0.30 | |||
| $6.44 | $6.44 | $6.34 | $5.79 | $5.28 | $5.33 | $5.25 | $5.25 | ||||
| HANLONTOWN | 1.00 | 1.00 | 1.05 | 1.05 | -0.28 | -0.24 | -0.32 | -0.30 | |||
| $6.59 | $6.59 | $6.64 | $6.64 | $5.20 | $5.24 | $5.23 | $5.25 | ||||
| SOYBEANS | |||||||||||
| JUNE | JULY | AUG | SEP | NC21 | DEC | JAN | MAR | ||||
| Bman/Crad/ | 0.00 | 0.00 | 0.00 | -0.65 | -0.65 | -0.65 | -0.65 | -0.65 | |||
| Gbrook/GrnMt/Midway | $13.40 | $13.40 | $13.40 | $12.47 | $12.47 | $12.51 | $12.51 | $12.34 | |||
| Lisc/Haverhill | 0.05 | 0.05 | 0.05 | -0.65 | -0.65 | -0.65 | -0.65 | -0.65 | |||
| $13.45 | $13.45 | $13.45 | $12.47 | $12.47 | $12.51 | $12.51 | $12.34 | ||||
| CedarF/Jesup/Hud/LaPo | 0.00 | 0.00 | 0.00 | -0.65 | -0.65 | -0.65 | -0.65 | -0.65 | |||
| $13.40 | $13.40 | $13.40 | $12.47 | $12.47 | $12.51 | $12.51 | $12.34 | ||||
| IOWA FALLS | 0.30 | 0.30 | 0.35 | 0.10 | -0.40 | -0.30 | -0.25 | -0.25 | |||
| $13.70 | $13.70 | $13.75 | $13.22 | $12.72 | $12.86 | $12.74 | $12.74 | ||||
| CEDAR RAPIDS | 0.20 | 0.20 | 0.30 | -0.40 | -0.30 | -0.25 | -0.25 | ||||
| $13.60 | $13.60 | $13.70 | $12.72 | $12.86 | $12.74 | $12.74 | |||||
| DES MOINES | 0.40 | 0.40 | 0.20 | 0.00 | -0.40 | -0.30 | -0.30 | ||||
| $13.80 | $13.80 | $13.60 | $13.12 | $12.72 | $12.86 | $12.69 | |||||
| AGP | 0.21 | 0.26 | 0.26 | ||||||||
| $13.61 | $13.66 | $13.66 | |||||||||
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.