Daily Commentary
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Wednesday June 30th
Corn: +40
The corn market finished the 40-cent limit higher today on both the nearby and new crop contracts. Pre-report trade was moderately lower on expectations of bearish numbers from the USDA, but the market bears were disappointed. With traders expecting a solid increase in corn acreage today, the USDA only raised their acreage number just over 1.5 million bushels to 92.7 million. This was nearly 1 million below the avg guess and near the lowest of estimates. Quarterly corn stocks were mostly as expected at just over 4.1 billion. The market will now return to trading weather forecasts very closely with the less than expected corn acreage keeping the new crop balance sheet very tight moving forward.
Soybeans: +90 ¼ to +86 ½
Soybeans were also sharply higher on the day after a lower early trade. August soybeans gained just over 90 cents on the day with the new crop contract up 86 cents. Soybean meal and oil were also higher with a somewhat disappointing move in soy oil. As with corn, the big surprise was the smaller than expected acres. Soybean acres were left unchanged from the March perspective planting report number of 87.6 million acres. Using this number and a trendline type yield still suggests that demand rationing will be needed. Quarterly stocks of 767 million were close to expectations so the likelihood of a revision to the old crop balance sheet next month is small.
| 6/30/2021 | |||||||||||
| 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 | 5-12 | CLOSED | |||||||
| EDDYVILLE | 7-5 | 6-5 | |||||||||
| STARCH | 7-3 | 7-3 | |||||||||
| PENFORD | WAXY | 730-10 | |||||||||
| FORT DODGE | 7-3 | 7-TBA | |||||||||
| JEWELL | 730-4 | 730-4 | |||||||||
| SEABOARD | |||||||||||
| FAIRBANK / FH | 8-4 | 6-12 | |||||||||
| IOWA FALLS / FH | 730-5 | 7-12 | |||||||||
| SHELLROCK / FH | 8-5 | CLOSED | |||||||||
| LINCOLN WAY | 8-2 | 8-2 | |||||||||
| PINELAKE | |||||||||||
| IOWA FALLS/CARGIL | APPT | APPT | |||||||||
| CEDAR RAPIDS/CARGIL | APPT | APPT | |||||||||
| ADM DM | 6-6 | 6-6 | 7-3 | ||||||||
| AGP EAGLE GROVE | |||||||||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 6/28/2021 | 20.90% | ||||||
| JULY 21 | $7.20 | $14.50 | |||||||||
| AUG 21 | $14.30 | ||||||||||
| SEP 21 | $5.99 | ||||||||||
| DEC / NOV 21 | $5.88 | $13.99 | |||||||||
| JAN 22 | $14.00 | ||||||||||
| MAR 22 | $5.95 | $13.73 | |||||||||
| 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 | $6.84 | $6.84 | $6.19 | $5.58 | $5.58 | $5.63 | $5.60 | $5.60 | |||
| Liscomb | 0.85 | 0.85 | 0.20 | -0.30 | -0.30 | -0.25 | -0.30 | -0.30 | |||
| $6.84 | $6.84 | $6.19 | $5.58 | $5.58 | $5.63 | $5.65 | $5.65 | ||||
| Haverhill | 0.85 | 0.85 | 0.27 | -0.30 | -0.30 | -0.25 | -0.35 | -0.35 | |||
| $6.84 | $6.84 | $6.26 | $5.58 | $5.58 | $5.63 | $5.60 | $5.60 | ||||
| Midway | 0.85 | 0.85 | 0.25 | -0.30 | -0.30 | -0.25 | -0.35 | -0.35 | |||
| $6.84 | $6.84 | $6.24 | $5.58 | $5.58 | $5.63 | $5.60 | $5.60 | ||||
| Hudson/LaPorte | 0.85 | 0.85 | 0.22 | -0.30 | -0.30 | -0.25 | -0.35 | -0.35 | |||
| $6.84 | $6.84 | $6.21 | $5.58 | $5.58 | $5.63 | $5.60 | $5.60 | ||||
| Cedar Falls | 0.85 | 0.85 | 0.25 | -0.30 | -0.28 | -0.25 | -0.30 | -0.30 | |||
| $6.84 | $6.84 | $6.24 | $5.58 | $5.60 | $5.63 | $5.65 | $5.65 | ||||
| Jesup | 0.85 | 0.85 | 0.32 | -0.30 | -0.25 | -0.25 | -0.25 | -0.25 | |||
| $6.84 | $6.84 | $6.31 | $5.58 | $5.63 | $5.63 | $5.70 | $5.70 | ||||
| EDDYVILLE | 1.00 | 1.00 | 1.25 | 0.00 | -0.15 | -0.05 | -0.14 | -0.10 | |||
| $6.99 | $6.99 | $7.24 | $5.99 | $5.73 | $5.83 | $5.81 | $5.85 | ||||
| CEDAR RAPIDS | 1.10 | 1.10 | 1.05 | 0.40 | -0.15 | -0.07 | -0.14 | -0.07 | |||
| $7.09 | $7.09 | $7.04 | $6.39 | $5.73 | $5.81 | $5.81 | $5.88 | ||||
| FORT DODGE | 0.90 | 0.90 | 1.00 | 0.50 | 0.00 | -0.05 | -0.07 | -0.05 | |||
| $6.89 | $6.89 | $6.99 | $6.49 | $5.88 | $5.83 | $5.88 | $5.90 | ||||
| JEWELL | 1.02 | 1.02 | 1.05 | 0.90 | -0.24 | -0.20 | -0.24 | -0.24 | |||
| $7.01 | $7.01 | $7.04 | $6.78 | $5.64 | $5.68 | $5.71 | $5.71 | ||||
| FAIRBANK | 1.10 | 0.70 | 0.70 | -0.25 | -0.2 | -0.25 | -0.25 | ||||
| $5.99 | $7.09 | $6.69 | $6.69 | $5.63 | $5.68 | $5.70 | $5.70 | ||||
| SEABOARD | 0.75 | -0.20 | -0.10 | ||||||||
| $7.20 | $7.20 | $6.74 | $5.68 | $5.78 | |||||||
| IOWA FALLS | 0.90 | 0.70 | 0.70 | -0.25 | -0.15 | -0.30 | -0.25 | ||||
| $5.99 | $6.89 | $6.69 | $6.69 | $5.63 | $5.73 | $5.65 | $5.70 | ||||
| SHELLROCK | 0.95 | 0.70 | 0.70 | -0.25 | -0.20 | -0.25 | -0.25 | ||||
| $5.99 | $6.94 | $6.69 | $6.69 | $5.63 | $5.68 | $5.70 | $5.70 | ||||
| LINCOLNWAY | 0.93 | 0.95 | 1.05 | 0.30 | -0.24 | -0.15 | -0.23 | -0.19 | |||
| $6.92 | $6.94 | $7.04 | $6.18 | $5.64 | $5.73 | $5.72 | $5.76 | ||||
| SINCLAIR | 0.90 | 0.90 | 0.28 | -0.25 | |||||||
| $6.89 | $6.89 | $6.16 | $5.70 | ||||||||
| PINELAKE | 0.95 | 0.95 | 0.98 | 1.00 | -0.20 | -0.15 | -0.18 | -0.14 | |||
| $6.94 | $6.94 | $6.97 | $6.99 | $5.68 | $5.73 | $5.77 | $5.81 | ||||
| MASON CITY | 1.00 | 1.00 | 0.70 | -0.24 | |||||||
| $6.99 | $6.99 | $6.69 | 5.64 | ||||||||
| . | . | . | . | . | |||||||
| CHARLES CITY | 0.85 | 0.85 | 0.75 | 0.20 | -0.20 | -0.15 | -0.30 | -0.30 | |||
| $6.84 | $6.84 | $6.74 | $6.19 | $5.68 | $5.73 | $5.65 | $5.65 | ||||
| HANLONTOWN | 1.00 | 1.00 | 1.05 | 1.05 | -0.28 | -0.24 | -0.32 | -0.30 | |||
| $6.99 | $6.99 | $7.04 | $7.04 | $5.60 | $5.64 | $5.63 | $5.65 | ||||
| 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 | $14.30 | $14.30 | $14.30 | $13.34 | $13.34 | $13.35 | $13.35 | $13.08 | |||
| Lisc/Haverhill | 0.05 | 0.05 | 0.05 | -0.65 | -0.65 | -0.65 | -0.65 | -0.65 | |||
| $14.35 | $14.35 | $14.35 | $13.34 | $13.34 | $13.35 | $13.35 | $13.08 | ||||
| CedarF/Jesup/Hud/LaPo | 0.00 | 0.00 | 0.00 | -0.65 | -0.65 | -0.65 | -0.65 | -0.65 | |||
| $14.30 | $14.30 | $14.30 | $13.34 | $13.34 | $13.35 | $13.35 | $13.08 | ||||
| IOWA FALLS | 0.30 | 0.30 | 0.35 | 0.10 | -0.40 | -0.30 | -0.25 | -0.25 | |||
| $14.60 | $14.60 | $14.65 | $14.09 | $13.59 | $13.70 | $13.48 | $13.48 | ||||
| CEDAR RAPIDS | 0.20 | 0.20 | 0.30 | -0.40 | -0.30 | -0.25 | -0.25 | ||||
| $14.50 | $14.50 | $14.60 | $13.59 | $13.70 | $13.48 | $13.48 | |||||
| DES MOINES | 0.40 | 0.40 | 0.20 | 0.00 | -0.40 | -0.30 | -0.30 | ||||
| $14.70 | $14.70 | $14.50 | $13.99 | $13.59 | $13.70 | $13.43 | |||||
| AGP | 0.21 | 0.26 | 0.26 | ||||||||
| $14.51 | $14.56 | $14.56 | |||||||||
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.