LADIES MARKETING MTG FOR JUNE Wednesday, June 3 @ 9:00 AM at Farm Bureau Auditorium, 801 North Country Fair Drive in Champaign
FREE PRICE LATER :
now available (through 8/31/15) on corn and beans delivered out of your bins on space available basis. Call your local elevator for details . GRAIN DELIVERIES TO DILLSBURG are limited due to construction. Please call Shane Drayer at 217 280-0851 or Frank Sylvester 217 369-1531 for details.
PLEASE BE AWARE: Premier is not accepting Duracade® corn grown in 2014.
Yesterday’s bounce along with a technically oversold market and possible short covering by the funds for some profit taking at month end at least alluded to the possibility of higher trade today, but once again corn came under selling pressure and closed 2 cents lower today. Funds were sellers of 4,000 contracts by mid-session and they hold a very large short position. Both CN and CZ came within a couple of cents of breaking life of contract lows this week. CN lost 8½ cents and CZ lost 9¾ cents for the week. 92% of the U.S. crop planted, a very good conditions report, lack of weather concerns (generally) and ample U.S. and world stocks and weakness in wheat continues to pressure corn. The demand picture is not necessarily bleak, but not strong enough to offset the factors listed above. The weekly ethanol report had corn usage at 101 mln. bu., egg sets and chicks placed continue to run 2-3% ahead of last year, and the weekly export sales report came in as expected. Old crop corn sales of 25.8 mln. bu. brings YTD commitments to 1,693 mln. bu. (vs. 1,795 last year at this time.) Buyers of note this week are Mexico, Japan, and S. Arabia. Brazilian corn offerings continue to undercut the U.S. and their second crop harvest has started a bit earlier than normal. Much talk today regarding EPA announcement regarding biofuels. Bottom line for corn usage seems to be no big changes in 2016 – roughly 5 bln. bu. of corn usage for ethanol and additional demand will need to come from exports.
Soybean complex mixed today with soybeans closing 8 cents firmer nearby and new crop 4 cents higher while SBM is mixed and SBO sharply higher. Funds were buyers of 5,000 soybean and 12,000 SBO contracts and sellers of 3,000 SBM contracts at mid-session. EPA announcement improving bio-diesel usage in 2016 supported SBO today. Supporting beans is continued good crush margins, firming spreads, and lack of country movement. For the week SN gained 10 cents while SX fell 1 cent. Strike issues continue in Argentina with the range being “almost settled” to “larger general strike on the way.” Market may be tiring of this on again/off again storyline. Weekly export sales this morning showing old crop sales of 11.8 mln. bu. brings YTD commitments to 1,836 mln. bu. (vs. 1,651 last year.) New crop sales were only 2.0 mln. bu. and sales to date remain disappointing but not unexpected. U.S. did sell 202 tmt of soybeans to unknown destinations overnight. Wheat continues to find pressure as it gives back mid-May gains. WN fell 12 cents today and 38 cents this week. Russia weather worries have subsided and they also announced a change in their Export tax that comes into play depending on their currency valuation. Market viewed this announcement as not impacting their exports.
The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.
The future prices and elevator bids on this web site are delayed. For the current bids please check with your local elevator.
Premier Cooperative's bids are alway subject to change without notice from this web site.