Daily Commentary
Wednesday May 12th
Corn: -7 ½ to -18 ¼
The corn market traded both sides of unchanged today before ending with moderate losses. The July contract lost over 7 cents on the day after trading a range of nearly 30 cents. December futures fell under further pressure, losing over 18 cents on the day. The USDA’s update today was mostly as expected with the biggest surprise a slightly larger than expected new crop carryout. Old crop ending stocks fell by 95 million bushels due to the expected increase in corn exports. The USDA follow their procedures, using March acres and Ag Forum yields, but the market had over estimated new crop demand. The just over 1.5-billion-bushel new crop ending stocks was above expectations, but still leaves little room for yield reductions.
Soybeans: +27 ¾ to +12 ¼
Soybeans had a solid day with values higher for much of the session. Nearby beans gained nearly 28 cents today while making a new contract high today. New crop values added over 12 cents today and traded 30 cents higher at one point. Soybean meal and oil were also moderately higher today but ended well off their highs. The soybean balance sheets were as expected with an unchanged old crop balance sheet along with a very tight projection on next year’s stocks. The USDA does expect Brazil to have record production once again in the coming year.
| Processor Bids and Hours are subject to change, please call before hauling | |||||||
| HOURS | MON | TUE | WED | THURS | FRI | SAT | SUN |
| ADM CR | CLOSED | 5-7 | 6-6 | 6-6 | |||
| EDDYVILLE | 6-4:30 | 6-4:30 | |||||
| STARCH | 7-3 | ||||||
| PENFORD | 7:30-1 | 7:30-12 | |||||
| FORT DODGE | 7-1 | 7-12 | TBD | ||||
| JEWELL | |||||||
| SEABOARD | |||||||
| FAIRBANK / FH | 6-4 | 6-12 | |||||
| IOWA FALLS / FH | 7-5 | 7-5 | |||||
| SHELLROCK / FH | 7-11 | CLOSED | 7-12 | ||||
| LINCOLN WAY | 8-4 | 8-4 | |||||
| PINELAKE | 730-4 | 730-4 | |||||
| IOWA FALLS/CARGIL | CLOSED | CLOSED | |||||
| CEDAR RAPIDS/CARGIL | CLOSED | APPT | |||||
| ADM DM | 6-6 | 6-6 | 7-3 | CLOSED | |||
| AGP EAGLE GROVE | 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 | $7.57 | $16.60 | |||||
| JULY 21 | $7.15 | $16.42 | |||||
| DEC / NOV 21 | $5.93 | $14.44 | |||||
| CORN | |||||||
| MAY | JUNE | JULY | NC21 | ||||
| Bman/Crad/Gbrook | 0.08 | 0.08 | 0.08 | -0.30 | |||
| GrnMt/Mill Junc | $7.23 | $7.23 | $7.23 | $5.63 | |||
| Liscomb | 0.08 | 0.08 | 0.08 | -0.30 | |||
| $7.23 | $7.23 | $7.23 | $5.63 | ||||
| Haverhill | 0.12 | 0.12 | 0.12 | -0.30 | |||
| $7.27 | $7.27 | $7.27 | $5.63 | ||||
| Midway | 0.10 | 0.10 | 0.10 | -0.30 | |||
| $7.25 | $7.25 | $7.25 | $5.63 | ||||
| Hudson/LaPorte | 0.08 | 0.10 | 0.08 | -0.30 | |||
| $7.23 | $7.25 | $7.23 | $5.63 | ||||
| Cedar Falls | 0.10 | 0.10 | 0.10 | -0.30 | |||
| $7.25 | $7.25 | $7.25 | $5.63 | ||||
| Jesup | 0.17 | 0.17 | 0.17 | -0.25 | |||
| $7.32 | $7.32 | $7.32 | $5.68 | ||||
| EDDYVILLE | 0.30 | 0.38 | 0.40 | -0.20 | |||
| $7.45 | $7.53 | $7.55 | $5.73 | ||||
| CEDAR RAPIDS | 0.36 | 0.40 | 0.40 | -0.20 | |||
| $7.51 | $7.55 | $7.55 | $5.73 | ||||
| FORT DODGE | 0.38 | 0.38 | 0.40 | -0.15 | |||
| $7.53 | $7.53 | $7.55 | $5.78 | ||||
| JEWELL | 0.18 | 0.30 | 0.30 | -0.3 | |||
| $7.33 | $7.45 | $7.45 | $5.63 | ||||
| FAIRBANK | 0.30 | 0.30 | 0.3 | -0.25 | |||
| $7.45 | $7.45 | $7.45 | $5.68 | ||||
| SEABOARD | 0.25 | 0.3 | -0.20 | ||||
| $7.40 | $7.45 | $5.73 | |||||
| IOWA FALLS | 0.25 | 0.25 | 0.30 | -0.25 | |||
| $7.40 | $7.40 | $7.45 | $5.68 | ||||
| SHELLROCK | 0.28 | 0.28 | 0.30 | -0.25 | |||
| $7.43 | $7.43 | $7.45 | $5.68 | ||||
| LINCOLNWAY | 0.30 | 0.34 | 0.34 | -0.30 | |||
| $7.45 | $7.49 | $7.49 | $5.63 | ||||
| SINCLAIR | 0.22 | 0.25 | 0.25 | -0.28 | |||
| $7.37 | $7.40 | $7.40 | $5.65 | ||||
| PINELAKE | 0.25 | 0.25 | 0.28 | -0.20 | |||
| $7.40 | $7.40 | $7.43 | $5.73 | ||||
| MASON CITY | 0.23 | 0.23 | 0.23 | -0.28 | |||
| $7.38 | $7.38 | $7.38 | $5.65 | ||||
| . | . | . | . | . | |||
| CHARLES CITY | 0.28 | 0.28 | 0.30 | -0.24 | |||
| $7.43 | $7.43 | $7.45 | $5.69 | ||||
| HANLONTOWN | 0.15 | 0.18 | 0.20 | -0.30 | |||
| $7.30 | 7.33 | $7.35 | $5.63 | ||||
| SOYBEANS | |||||||
| MAY | JUNE | JULY | NC21 | ||||
| Bman/Crad/ | 0.10 | 0.10 | 0.10 | -0.65 | |||
| Gbrook/GrnMt/Midway | $16.52 | $16.52 | $16.52 | $13.79 | |||
| Lisc/Haverhill | 0.18 | 0.15 | 0.10 | -0.65 | |||
| $16.60 | $16.57 | $16.52 | $13.79 | ||||
| CedarF/Jesup/Hud/LaPo | 0.10 | 0.10 | 0.10 | -0.65 | |||
| $16.52 | $16.52 | $16.52 | $13.79 | ||||
| IOWA FALLS | 0.30 | 0.40 | 0.40 | -0.40 | |||
| $16.72 | $16.82 | $16.82 | $14.04 | ||||
| CEDAR RAPIDS | 0.20 | 0.30 | 0.40 | -0.40 | |||
| $16.62 | $16.72 | $16.82 | $14.04 | ||||
| DES MOINES | 0.55 | 0.55 | 0.50 | -0.35 | |||
| $16.97 | $16.97 | $16.92 | $14.09 | ||||
| AGP | -0.05 | ||||||
| $16.37 | $16.42 |
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.