Daily Commentary
Wednesday October 13th
Corn: -10 ¼
The corn market traded under pressure for much of the session today before ending with a sharp loss. December futures finished just over a dime lower after trading over 15 cents lower at one point. Follow through from yesterday’s sell-off was seen today along with spillover pressure from the lower wheat market. Yesterday’s WASDE update showed an increase in supply as expected, but many believe demand may be overstated at this point. Exports would be the category that most question with thoughts that China won’t be buying US corn like last year. Tomorrow will bring the weekly energy report as it was delayed due to Monday’s holiday.
Soybeans: -3
The soybean market traded a broad range before ending just slightly lower. The November contract lost just 3 cents on the day after trading a 27-cent range. Soybean products were mixed on the day with soybean oil ending with a solid gain. Overnight strength in the soybean market quickly faded after the morning break with nearby beans testing the March 31st low at 11.84. That mark did hold for the time being, but as with corn many traders expect more bearish reports following yesterday’s update. Soy exports are also the concern with the soy sales and shipment pace currently lagging. The USDA didn’t address this yesterday but I do believe they will be forced to in the coming months with thoughts that ending stocks could easily grow to over 400 million bushels.
| 10/13/2021 | ||||||||||
| Processor Bids and Hours are subject to change, please call before hauling | ||||||||||
| HOURS | MON | TUE | WED | THURS | FRI | SAT | SUN | |||
| ADM CR | 5-8 | 5-8 | 5-7 | |||||||
| EDDYVILLE | 6-5 | |||||||||
| STARCH | 7-3 | |||||||||
| PENFORD | WAXY | 7:30-2:30 | ||||||||
| FORT DODGE | 7-7 | |||||||||
| JEWELL | 7:30-6 | |||||||||
| SEABOARD | ||||||||||
| FAIRBANK / POET | 6-10 | 6-10 | 12-6 | |||||||
| IOWA FALLS / POET | 7-7 | 7-7 | 8-5 | CLOSED | ||||||
| SHELLROCK / POET | 7-10 | 7-10 | 8-6 | CLOSED | ||||||
| LINCOLN WAY | 7-7 | 7-7 | 7-12 | |||||||
| PINELAKE | 7-4:15 | 7-4:15 | ||||||||
| IOWA FALLS/CARGIL | 6-7 | 6-7 | 7-3 | |||||||
| CEDAR RAPIDS/CARGIL | 6-7 | 6-7 | 7-5 | 7-5 | ||||||
| ADM DM | 6-8 | 6-8 | 7-3 | |||||||
| AGP EAGLE GROVE | 7-5 | 7-5 | ||||||||
| CBOT | CORN | BEANS | Weekly fuel surch: | 10/11/2021 | 24.90% | |||||
| DEC/NOV 21 | $5.12 | $11.95 | ||||||||
| JAN 22 | $12.06 | |||||||||
| MAR 22 | $5.22 | $12.16 | ||||||||
| MAY 22 | $5.28 | $12.26 | ||||||||
| JUN 22 | $5.30 | $12.33 | ||||||||
| DEC/NOV 22 | $5.15 | $12.09 | ||||||||
| CORN | ||||||||||
| NC21 | DEC | JAN | MAR | MAY | JUNE | NC22 | ||||
| Bman/Crad/Gbrook | -0.23 | -0.25 | -0.27 | -0.30 | -0.27 | -0.30 | -0.40 | |||
| GrnMt/Mill Junc | $4.89 | $4.87 | $4.95 | $4.92 | $5.01 | $5.00 | $4.75 | |||
| Liscomb | -0.23 | -0.23 | -0.27 | -0.25 | -0.27 | -0.30 | -0.40 | |||
| $4.89 | $4.89 | $4.95 | $5.01 | $5.01 | $5.00 | $4.75 | ||||
| Haverhill | -0.25 | -0.25 | -0.27 | -0.30 | -0.27 | -0.30 | -0.40 | |||
| $4.87 | $4.87 | $4.95 | $4.92 | $5.01 | $5.00 | $4.75 | ||||
| Midway | -0.22 | -0.25 | -0.27 | -0.30 | -0.27 | -0.30 | -0.40 | |||
| $4.90 | $4.87 | $4.95 | $4.92 | $5.01 | $5.00 | $4.75 | ||||
| Hudson/LaPorte | -0.25 | -0.25 | -0.27 | -0.30 | -0.27 | -0.30 | -0.40 | |||
| $4.87 | $4.87 | $4.95 | $4.92 | $5.01 | $5.00 | $4.75 | ||||
| Cedar Falls | -0.25 | -0.20 | -0.25 | -0.20 | -0.27 | -0.30 | -0.40 | |||
| $4.87 | $4.92 | $4.97 | $5.02 | $5.01 | $5.00 | $4.75 | ||||
| Jesup | -0.18 | -0.18 | -0.22 | -0.20 | -0.27 | -0.30 | -0.40 | |||
| $4.94 | $4.94 | $5.00 | $5.02 | $5.01 | $5.00 | $4.75 | ||||
| EDDYVILLE | -0.25 | -0.08 | -0.13 | -0.08 | -0.08 | -0.06 | -0.30 | |||
| $4.87 | $5.04 | $5.09 | $5.14 | $5.20 | $5.24 | $4.85 | ||||
| CEDAR RAPIDS | 0.10 | -0.04 | -0.08 | -0.02 | 0.05 | -0.05 | -0.25 | |||
| $5.22 | $5.08 | $5.14 | $5.20 | $5.33 | $5.25 | $4.90 | ||||
| FORT DODGE | -0.03 | -0.03 | -0.06 | -0.03 | -0.05 | -0.05 | -0.25 | |||
| $5.09 | $5.09 | $5.16 | $5.19 | $5.23 | $5.25 | $4.90 | ||||
| JEWELL | -0.18 | -0.12 | -0.18 | -0.16 | -0.2 | -0.3 | ||||
| $4.94 | $5.00 | $5.04 | $5.06 | $5.08 | $5.30 | $4.85 | ||||
| FAIRBANK | -0.15 | -0.1 | -0.2 | -0.2 | -0.2 | -0.2 | -0.3 | |||
| $4.97 | $5.02 | $5.02 | $5.02 | $5.08 | $5.10 | $4.85 | ||||
| SEABOARD | -0.08 | -0.05 | ||||||||
| $5.04 | $5.07 | $5.28 | $5.30 | $5.15 | ||||||
| IOWA FALLS | -0.10 | -0.08 | -0.20 | -0.2 | -0.15 | -0.2 | -0.3 | |||
| $5.02 | $5.04 | $5.02 | $5.02 | $5.13 | $5.10 | $4.85 | ||||
| SHELLROCK | -0.15 | -0.10 | -0.2 | -0.2 | -0.2 | -0.2 | -0.3 | |||
| $4.97 | $5.02 | $5.02 | $5.02 | $5.08 | $5.10 | $4.85 | ||||
| LINCOLNWAY | -0.15 | -0.08 | -0.17 | -0.15 | -0.16 | -0.16 | -0.30 | |||
| $4.97 | $5.04 | $5.05 | $5.07 | $5.12 | $5.14 | $4.85 | ||||
| SINCLAIR | -0.20 | -0.15 | -0.2 | -0.18 | ||||||
| $4.92 | $4.97 | $5.02 | $4.97 | $5.28 | $5.30 | $5.15 | ||||
| PINELAKE | -0.05 | -0.08 | -0.16 | -0.12 | -0.10 | -0.10 | -0.30 | |||
| $5.07 | $5.04 | $5.06 | $5.10 | $5.18 | $5.20 | $4.85 | ||||
| MASON CITY | -0.09 | -0.15 | ||||||||
| $5.03 | $4.97 | $5.28 | $5.30 | $5.15 | ||||||
| . | . | . | . | |||||||
| CHARLES CITY | -0.12 | 0.07 | -0.18 | -0.18 | -0.18 | |||||
| $5.00 | $5.19 | $5.04 | $5.04 | $5.10 | $5.30 | $5.15 | ||||
| HANLONTOWN | -0.15 | -0.1 | -0.25 | -0.22 | -0.22 | -0.22 | -0.34 | |||
| $4.97 | $5.02 | $4.97 | $5.00 | $5.06 | $5.08 | $4.81 | ||||
| SOYBEANS | ||||||||||
| NC21 | DEC | JAN | MAR | MAY | JUNE | NC22 | ||||
| Bman/Crad/ | -0.55 | -0.53 | -0.53 | -0.57 | -0.55 | -0.55 | -0.61 | |||
| Gbrook/GrnMt/Midway | $11.40 | $11.53 | $11.53 | $11.59 | $11.71 | $11.78 | $11.48 | |||
| Lisc/Haverhill | -0.55 | -0.53 | -0.45 | -0.45 | -0.55 | -0.55 | -0.61 | |||
| $11.40 | $11.53 | $11.61 | $11.71 | $11.71 | $11.78 | $11.48 | ||||
| CedarF/Jesup/Hud/LaPo | -0.55 | -0.57 | -0.55 | -0.57 | -0.55 | -0.55 | -0.67 | |||
| $11.40 | $11.49 | $11.51 | $11.59 | $11.71 | $11.78 | $11.42 | ||||
| IOWA FALLS | -0.20 | -0.20 | -0.15 | -0.15 | -0.20 | -0.25 | -0.50 | |||
| $11.75 | $11.86 | $12.01 | $12.01 | $12.06 | $12.08 | $11.59 | ||||
| CEDAR RAPIDS | 0.00 | -0.20 | -0.15 | -0.15 | -0.20 | -0.25 | -0.50 | |||
| $11.95 | $11.86 | $12.01 | $12.01 | $12.06 | $12.08 | $11.59 | ||||
| DES MOINES | -0.20 | -0.20 | -0.20 | -0.20 | -0.50 | |||||
| $11.75 | $11.86 | $11.96 | $5.02 | $12.26 | $12.33 | $11.59 | ||||
| AGP | -0.30 | |||||||||
| $13.35 | ||||||||||
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.