Daily Commentary
Tuesday May 11th
Corn: +10 ½ to +2
The corn market finished the day higher after trading both sides of unchanged through the session. July futures ended over a dime higher today, finishing nearly 20 cents above the overnight low. The December contract added 2 cents on the day after trading in nearly a 20-cent range. Tomorrow will bring the updated May supply and demand report with the trade expecting bullish numbers. Old crop stocks are expected to drop 75 million bushels on increased exports. Tomorrow will also be the first look at the new crop balance sheet with the USDA using the prospective plantings acreage number along with yields from the ag forum. Using that data along with reasonable demand forecasts leaves new crop ending stocks estimates at 1.3-1.4 billion bushels.
Soybeans: +27 ¼ to +17 ¼
Soybeans had a strong day with values rallying sharply after a quiet overnight. Nearby soybean gained over 27 cents today, making a new high with July futures trading over $16 for the first time. New crop values added over 17 cents but did not trade above last week’s high. Soybean products were also higher today with meal trading over $10 high at one point. The updated old crop balance sheets are likely to show little changes tomorrow with the USDA rarely printing ending stocks below the current 120-million-bushel level. Prospects on the new crop outlook do not appear much better with the trade expecting near 135 million bushels.
| 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 | 6-6 | 6-6 | ||
| EDDYVILLE | 6-4:30 | 6-4:30 | |||||
| STARCH | 7-9 | ||||||
| PENFORD | CLOSED | 7:30-12 | 7:30-12 | ||||
| FORT DODGE | 630-530 | TBD | TBD | TBD | |||
| JEWELL | |||||||
| SEABOARD | |||||||
| FAIRBANK / FH | 6-4 | 6-4 | 6-12 | ||||
| IOWA FALLS / FH | 7-5 | 7-5 | 7-5 | ||||
| SHELLROCK / FH | CLOSED | 7-12 | |||||
| LINCOLN WAY | 8-4 | 8-4 | 8-4 | ||||
| PINELAKE | 730-4 | 730-4 | 730-4 | ||||
| IOWA FALLS/CARGIL | APPT | CLOSED | CLOSED | ||||
| CEDAR RAPIDS/CARGIL | APPT | CLOSED | APPT | ||||
| ADM DM | 6-6 | 6-6 | 6-6 | 7-3 | |||
| AGP EAGLE GROVE | 7-5 | 7-5 | 7-5 | ||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 5/10/2021 | 20.90% | ||
| AUG 20 | – | – | |||||
| SEP 20 | – | – | |||||
| DEC / NOV 20 | – | – | |||||
| JAN 21 | – | #REF! | |||||
| MAR 21 | #REF! | #REF! | |||||
| MAY21 | $7.59 | $16.37 | |||||
| JULY 21 | $7.22 | $16.15 | |||||
| DEC / NOV 21 | $6.11 | $14.31 | |||||
| CORN | |||||||
| MAY | JUNE | JULY | NC21 | ||||
| Bman/Crad/Gbrook | 0.08 | 0.08 | 0.08 | -0.30 | |||
| GrnMt/Mill Junc | $7.30 | $7.30 | $7.30 | $5.81 | |||
| Liscomb | 0.08 | 0.08 | 0.08 | -0.30 | |||
| $7.30 | $7.30 | $7.30 | $5.81 | ||||
| Haverhill | 0.12 | 0.12 | 0.12 | -0.30 | |||
| $7.34 | $7.34 | $7.34 | $5.81 | ||||
| Midway | 0.10 | 0.10 | 0.10 | -0.30 | |||
| $7.32 | $7.32 | $7.32 | $5.81 | ||||
| Hudson/LaPorte | 0.08 | 0.10 | 0.08 | -0.30 | |||
| $7.30 | $7.32 | $7.30 | $5.81 | ||||
| Cedar Falls | 0.10 | 0.10 | 0.10 | -0.30 | |||
| $7.32 | $7.32 | $7.32 | $5.81 | ||||
| Jesup | 0.12 | 0.12 | 0.12 | -0.25 | |||
| $7.34 | $7.34 | $7.34 | $5.86 | ||||
| EDDYVILLE | 0.30 | 0.38 | 0.40 | -0.20 | |||
| $7.52 | $7.60 | $7.62 | $5.91 | ||||
| CEDAR RAPIDS | 0.34 | 0.42 | 0.40 | -0.20 | |||
| $7.56 | $7.64 | $7.62 | $5.91 | ||||
| FORT DODGE | 0.35 | 0.40 | 0.36 | -0.15 | |||
| $7.57 | $7.62 | $7.58 | $5.96 | ||||
| JEWELL | 0.18 | 0.30 | 0.30 | -0.3 | |||
| $7.40 | $7.52 | $7.52 | $5.81 | ||||
| FAIRBANK | 0.30 | 0.30 | 0.3 | -0.25 | |||
| $7.52 | $7.52 | $7.52 | $5.86 | ||||
| SEABOARD | 0.25 | 0.3 | -0.20 | ||||
| $7.47 | $7.52 | $5.91 | |||||
| IOWA FALLS | 0.25 | 0.25 | 0.30 | -0.25 | |||
| $7.47 | $7.47 | $7.52 | $5.86 | ||||
| SHELLROCK | 0.28 | 0.28 | 0.30 | -0.25 | |||
| $7.50 | $7.50 | $7.52 | $5.86 | ||||
| LINCOLNWAY | 0.30 | 0.34 | 0.34 | -0.30 | |||
| $7.52 | $7.56 | $7.56 | $5.81 | ||||
| SINCLAIR | 0.20 | 0.22 | 0.22 | -0.28 | |||
| $7.42 | $7.44 | $7.44 | $5.83 | ||||
| PINELAKE | 0.25 | 0.25 | 0.25 | -0.20 | |||
| $7.47 | $7.47 | $7.47 | $5.91 | ||||
| MASON CITY | 0.23 | 0.23 | 0.23 | -0.28 | |||
| $7.45 | $7.45 | $7.45 | $5.83 | ||||
| . | . | . | . | . | |||
| CHARLES CITY | 0.28 | 0.28 | 0.30 | -0.24 | |||
| $7.50 | $7.50 | $7.52 | $5.87 | ||||
| HANLONTOWN | 0.15 | 0.18 | 0.20 | -0.30 | |||
| $7.37 | 7.4 | $7.42 | $5.81 | ||||
| SOYBEANS | |||||||
| MAY | JUNE | JULY | NC21 | ||||
| Bman/Crad/ | 0.10 | 0.10 | 0.10 | -0.65 | |||
| Gbrook/GrnMt/Midway | $16.25 | $16.25 | $16.25 | $13.66 | |||
| Lisc/Haverhill | 0.18 | 0.15 | 0.10 | -0.65 | |||
| $16.33 | $16.30 | $16.25 | $13.66 | ||||
| CedarF/Jesup/Hud/LaPo | 0.10 | 0.10 | 0.10 | -0.65 | |||
| $16.25 | $16.25 | $16.25 | $13.66 | ||||
| IOWA FALLS | 0.35 | 0.40 | 0.40 | -0.40 | |||
| $16.50 | $16.55 | $16.55 | $13.91 | ||||
| CEDAR RAPIDS | 0.30 | 0.40 | 0.40 | -0.40 | |||
| $16.45 | $16.55 | $16.55 | $13.91 | ||||
| DES MOINES | 0.60 | 0.60 | 0.55 | -0.35 | |||
| $16.75 | $16.75 | $16.70 | $13.96 | ||||
| AGP | 0.15 | ||||||
| $16.30 | $16.15 | ||||||
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.