Quote Ticker
  • CORN (Dec 16) 351'4 6'0 12/9/16   1:19 PM CST
  • CORN (Mar 17) 358'6 6'0 12/9/16   1:19 PM CST
  • CORN (May 17) 365'2 6'0 12/9/16   1:19 PM CST
  • SOYBEANS (Jan 17) 1039'0 10'4 12/9/16   1:19 PM CST
  • SOYBEANS (Mar 17) 1049'4 10'6 12/9/16   1:19 PM CST
  • SOYBEANS (May 17) 1057'6 11'0 12/9/16   1:19 PM CST
  • WHEAT (Dec 16) 395'4 9'4 12/9/16   1:16 PM CST
  • WHEAT (Mar 17) 413'0 8'0 12/9/16   1:19 PM CST
  • WHEAT (May 17) 422'6 7'6 12/9/16   1:19 PM CST
  • SOYBEAN MEAL (Dec 16) 3186 50 12/9/16   1:18 PM CST
  • SOYBEAN MEAL (Jan 17) 3198 51 12/9/16   1:19 PM CST
  • SOYBEAN MEAL (Mar 17) 3239 51 12/9/16   1:19 PM CST
  • SOYBEAN OIL (Dec 16) 36.63 -0.31 12/9/16   1:19 PM CST
  • SOYBEAN OIL (Jan 17) 36.87 -0.32 12/9/16   1:19 PM CST
  • SOYBEAN OIL (Mar 17) 37.13 -0.33 12/9/16   1:19 PM CST
  • OATS (Dec 16) 215'0 0'0 12/9/16   1:16 PM CST
  • OATS (Mar 17) 226'0 2'0 12/9/16   1:17 PM CST
  • OATS (May 17) 228'0 1'2 12/9/16   1:16 PM CST
  • LEAN HOGS (Dec 16) 56.725 1.050 12/9/16   1:04 PM CST
  • LEAN HOGS (Feb 17) 61.550 0.725 12/9/16   1:04 PM CST
  • LEAN HOGS (Apr 17) 65.925 -0.400 12/9/16   1:04 PM CST
  • LIVE CATTLE (Dec 16) 108.900 - 0.325 12/9/16   1:04 PM CST
  • LIVE CATTLE (Feb 17) 110.750 - 0.125 12/9/16   1:04 PM CST
  • LIVE CATTLE (Apr 17) 110.225 - 0.175 12/9/16   1:04 PM CST
  • ETHANOL (Jan 17) 1.695 0.056 12/9/16   2:48 PM CST
  • ETHANOL (Feb 17) 1.631 0.045 12/9/16   1:41 PM CST
  • ETHANOL (Mar 17) 1.591 0.038 12/9/16   1:17 PM CST
  • MILK CLASS III (Dec 16) 17.09 0.02 12/9/16   1:52 PM CST
  • MILK CLASS III (Jan 17) 16.69 0.16 12/9/16   1:20 PM CST
  • MILK CLASS III (Feb 17) 16.88 0.20 12/9/16   1:15 PM CST
  • 10 YR US TREASURY NOTE (Dec 16) 124'23.0 -0'18.0 12/9/16   2:53 PM CST
  • 10 YR US TREASURY NOTE (Mar 17) 123'30.5 -0'18.5 12/9/16   2:55 PM CST
  • 10 YR US TREASURY NOTE (Jun 17) 123'17.0 -0'16.0 12/9/16   2:03 PM CST
  • S&P 500 INDEX (Dec 16) 2257.80 10.10 12/9/16   2:47 PM CST
  • S&P 500 INDEX (Mar 17) 2253.00 10.60 12/9/16   2:54 PM CST
  • S&P 500 INDEX (Jun 17) 2178.00     CST


Local Cash Bids
North Central PAMill Delivery Cash   Basis    
 #2 Yellow Corn Chart Dec 31, 16    
  Chart Jan 31, 17    
  Chart Mar 31, 17    
  Chart May 31, 17    
  Chart Nov 30, 17    
 #1 Yellow Soybeans Chart Dec 31, 16    
  Chart Jan 31, 17    
 #2 Soft Red Winter Wheat Chart Dec 31, 16    
  Chart Sep 30, 17    
Western PA Farm Delivery Cash   Basis    
 #2 Yellow Corn Chart Dec 31, 16    
  Chart Jan 31, 17    
  Chart Feb 28, 17    
  Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Jun 30, 17    
  Chart Jul 31, 17    
  Chart Aug 31, 17    
South Central PA Mil Delivery Cash   Basis    
 #2 Yellow Corn Chart Dec 31, 16    
 #2 Soft Red Wheat Chart Jan 31, 17    
  Chart Feb 28, 17    
  Chart Mar 31, 17    
 #1 Yellow Soybeans Chart Dec 31, 16    
  Chart Jan 31, 17    
Eastern OH Delivery Cash   Basis    
 #2 Yellow Corn Chart Dec 31, 16    
  Chart Jan 31, 17    
  Chart Feb 28, 17    
  Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Jun 30, 17    
  Chart Jul 31, 17    
  Chart Aug 31, 17    
Fob New Jersey Delivery Cash   Basis    
 #2 Yellow Corn Chart Dec 31, 16    
  Chart Jan 31, 17    
  Chart Feb 28, 17    
  Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Jun 30, 17    
  Chart Jul 31, 17    
 #2 Soft Red Wheat Chart Jan 31, 17    
  Chart Feb 28, 17    
  Chart Mar 31, 17    
 #1 Yellow Soybeans Chart Dec 31, 16    
  Chart Jan 31, 17    
Price as of 12/09/16 03:08PM CST.
Click to view more Cash Bid Trading System

CHART OF THE DAY
December 2, 2016
**  US likely to see record corn harvest  (Nov USDA  @ 15.23 bil bu). US Corn  harvest  near complete.
** World corn carryout seen  at a  record high, but  not quite as burdensome when compared to use.
**  South American spring corn planting  advancing  – quickly in Brazil, slowly in Argentina.
** Ethanol margins  30-35 c/gal positive.   Hogs flat/red. Dairy slightly profitable, feedlots  mixed.
**  US  Corn  should see  continued  yr/yr gains in exports.   Black Sea, Arg, & US competing for  biz.
**  Funds leaning  about  80,000 contracts net short corn. CFTC data Fri will include Dec options expiry.

Overnight corn trade was quiet (two cent range), finishing near unchanged by the AM break.  Weekly
export sales are unlikely to elicit much passion; 761,600 metric tons of new sales were 55% below last
week and missed expectations for 1+ mmt.  Not sure why expectations were so high given the holiday
timing?  New business was booked mostly to Asia (Japan & South Korea), which we would regard as
somewhat positive.  Sales + Shipped seen 30.1 mmt, which is nearly double the 17.1 on the books this
time last year.  There doesn’t seem to be a lot of change on the weather front; Brazil looks good, while
the Argentine outlook is more mixed.  Many areas are turning “hot and dry”, which will help advance
fieldwork, but could add some stress should no rain come by mid-Dec?  On the livestock front, weekly
USDA report pegged egg sets up 1% yr/yr, with broilers placed up 3% yr/yr.  Ukraine the latest EU/Asian
country to report a bird flu outbreak.
The March contract appears to be trying to decide whether it wants to carve out its own range, or  “fail
to earn the carry” and assume the old Dec range.   In any event, we would expect commercial buying
in the $3.40-$3.45 area CH, at least initially.   Consider buying Jan calls for cheap, short-term coverage.

Corn spent most of the day in the green Wednesday, benefitting from bargain-buying and a sharp rally
in the crude oil complex.  Markets struggled to hold gains as the day dragged on  – friendly reminder to
not trade corn off of crude oil  – and ended up closing near unchanged.  Funds were viewed close to
even on the day (buyers early, sellers late), and are estimated to be short about 80,000 corn.  The chief
beneficiary of the crude oil rally was ethanol (which makes sense); when combined with a supportive
EIA report, that market rallied 6 cents in the spot.  The 1.012 million bbl/day rate reported would imply
a corn ethanol grind at 5.4 billion bushels/yr.  Record ethanol production is likely in coming weeks; we
would estimate some well-positioned ethanol companies could be earning north of $1/bu processed,
though the broader Midwest average  is estimated closer to 80-90 c/bu.  In the  corn options pit, vol
remains quite depressed with straddle sellers jumping into the Jan yesterday.  ATM straddles trading
there for 11 cents?

Below is a weekly chart of the dollar index spanning two year.  A strong dollar is not indicative of strong
exports.  The world is on sale and we are marked up to the world consumer.  This is a very strong
headwind for the ag sector and effects all facets of the industry including meat and protein prices, 
grain and feed values and farm machinery prices.   





 

 


Local Conditions
Mifflintown, PA
Chg Zip Code: 
Temp: 34oF Feels Like: 25oF
Humid: 59% Dew Pt: 21oF
Barom: 30.26 Wind Dir: W
Cond: N/A Wind Spd: 12 mph
Sunrise: 7:20 Sunset: 4:39
As reported at SELINSGROVE, PA at 3:00 PM
 
Local Radar
Mifflintown, PA
Radar
 
Local Forecast
Mifflintown, PA

Friday

Saturday

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High: 34°F
Low: 29°F
Precip: 20%
High: 34°F
Low: 26°F
Precip: 20%
High: 33°F
Low: 23°F
Precip: 72%
High: 40°F
Low: 33°F
Precip: 72%
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Low: 30°F
Precip: 0%
View complete Local Weather



Video Clips



Interesting read on economincs and protectionism

Rick Newman has an article on Yahoo! Finance that exposes some of the flaws in president-elect’s naive views on trade, and
explains how Trump’s attempts to “bring jobs back to the US” or “keep jobs from leaving the US” will likely backfire and kill US
jobs in the long run:

Donald Trump may very well be able to persuade companies like Carrier to keep jobs in the United States instead of
moving them to lower-cost countries such as Mexico. But pressuring companies to accept higher production costs,
which Trump is essentially doing, could easily backfire and destroy more jobs than if Trump were to do nothing.

….

If companies like Carrier only sold their products in the United States and competed only against other US firms,
the case for keeping the jobs here would be simpler and stronger. But no country’s economy works like that anymore,
and inefficiencies at any one company give competitors a pricing or quality edge. “Carrier must worry about competition
from other producers, some of whom may produce all their products in low-cost overseas plants,” says economist Gary
Burtless of the Brookings Institution. “If Carrier loses US and overseas business and profits because its manufacturing
costs are higher than those of its competitors, the US plants may ultimately shrink or close.”

Carrier’s competitors include Trane and American Standard, both owned by Ingersoll-Rand, which is based in Dublin,
Ireland; Rheem, headquartered in Atlanta; and Goodman, owned by Daikin, a Japanese conglomerate. Each has
manufacturing operations all over the world. If any one company has higher costs than another—whether labor,
components  or anything else—its products will be more expensive than the competition and sales will most likely decline.
If you can’t  cut costs, the only choice often is to skimp on quality, which erodes profits even more. This is true for all
appliances and just about every other sort of manufactured good.

If Trump’s corporate arm-twisting were to prevail, a company like Carrier probably would keep more jobs in the
United States, at least for a while. But its sales would decline compared with competitors able to undercut it on price.
Trump could pursue aggressive tariffs on imports, to force competing prices up as well. But higher prices usually lead
to lower sales across the board, while hurting consumers who must purchase those products. Businesses bear those higher
costs as well, and they’ll have less money to hire people if other costs go up.

If profitability at any given company were poor enough, some producers would get out of the business altogether. And none
of this accounts for the possibility of retaliatory tariffs on US exports to other countries, a likely tit-for-tat outcome that
would further cut into American production.

Trump seems to not understand that a private company like Carrier is not in business to maximize US jobs. Carrier’s main
responsibility is to produce products for consumers (both domestically and globally) at the lowest possible cost and with the
highest possible quality. Carrier also has a responsibility to its shareholders to provide them with the highest possible rate of
return. As Newman correctly points out, multi-national firms like Carrier operate now in an intensely competitive global
marketplace, where operational efficiency is the key to profitability, market share, and sustained existence. Persuading
Carrier to bear the burden of higher labor and production costs in the US, instead of relocating production and jobs to a
lower-cost country, may save some US jobs in the short-run. But that strategy is forcing Carrier to operate less efficiently
with high labor costs, and will have serious negative long-run consequences for Carrier, its employees, its shareholders
and its customers.


Futures
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
Dec 16 349'0 352'4 344'4 351'4 6'0 352'4s 01:30P Chart for @C6Z Options for @C6Z
Mar 17 354'0 359'6 351'2 358'6 6'0 359'4s 02:42P Chart for @C7H Options for @C7H
May 17 361'0 366'4 358'0 365'2 6'0 366'2s 02:39P Chart for @C7K Options for @C7K
@S - SOYBEANS - CBOT
Month Open High Low Last Change Close Time More
Jan 17 1026'0 1039'4 1021'4 1039'0 10'4 1037'4s 02:44P Chart for @S7F Options for @S7F
Mar 17 1037'0 1050'2 1032'0 1049'4 10'6 1048'4s 02:50P Chart for @S7H Options for @S7H
May 17 1044'6 1058'0 1039'6 1057'6 11'0 1056'2s 01:20P Chart for @S7K Options for @S7K
@W - WHEAT - CBOT
Month Open High Low Last Change Close Time More
Dec 16 395'4 395'4 395'4 395'4 9'4 400'2s 01:20P Chart for @W6Z Options for @W6Z
Mar 17 409'0 417'0 403'6 413'0 8'0 416'2s 02:49P Chart for @W7H Options for @W7H
May 17 419'4 427'2 415'2 422'6 7'6 426'4s 01:30P Chart for @W7K Options for @W7K
@SM - SOYBEAN MEAL - CBOT
Month Open High Low Last Change Close Time More
Dec 16 3125 3190 3110 3186 50 3174s 02:40P Chart for @SM6Z Options for @SM6Z
Jan 17 3134 3206 3120 3198 51 3188s 02:40P Chart for @SM7F Options for @SM7F
Mar 17 3174 3245 3160 3239 51 3229s 01:30P Chart for @SM7H Options for @SM7H
@BO - SOYBEAN OIL - CBOT
Month Open High Low Last Change Close Time More
Dec 16 37.10 37.10 36.47 36.63 -0.31 36.74s 01:30P Chart for @BO6Z Options for @BO6Z
Jan 17 37.30 37.46 36.63 36.87 -0.32 36.94s 02:41P Chart for @BO7F Options for @BO7F
Mar 17 37.60 37.73 36.90 37.13 -0.33 37.21s 02:30P Chart for @BO7H Options for @BO7H
@O - OATS - CBOT
Month Open High Low Last Change Close Time More
Dec 16 218'4 218'4 215'0 215'0 0'0 214'0s 02:30P Chart for @O6Z Options for @O6Z
Mar 17 224'6 228'0 223'0 226'0 2'0 225'0s 01:30P Chart for @O7H Options for @O7H
May 17 227'2 230'0 225'0 228'0 1'2 228'0s 01:30P Chart for @O7K Options for @O7K
@HE - LEAN HOGS - CME
Month Open High Low Last Change Close Time More
Dec 16 56.650 57.100 56.125 56.725 1.050 56.725s 01:05P Chart for @HE6Z Options for @HE6Z
Feb 17 61.125 61.700 59.750 61.550 0.725 61.550s 01:05P Chart for @HE7G Options for @HE7G
Apr 17 66.350 66.550 65.100 65.925 -0.400 65.950s 01:05P Chart for @HE7J Options for @HE7J
@LE - LIVE CATTLE - CME
Month Open High Low Last Change Close Time More
Dec 16 108.300 108.975 107.400 108.900 - 0.325 108.725s 01:05P Chart for @LE6Z Options for @LE6Z
Feb 17 109.975 110.800 109.100 110.750 - 0.125 110.525s 02:30P Chart for @LE7G Options for @LE7G
Apr 17 109.725 110.350 109.000 110.225 - 0.175 110.250s 02:30P Chart for @LE7J Options for @LE7J
@AC - ETHANOL - CBOT
Month Open High Low Last Change Close Time More
Jan 17 1.639 1.695 1.632 1.695 0.056 1.683 02:56P Chart for @AC7F Options for @AC7F
Feb 17 1.579 1.631 1.579 1.631 0.045 1.624 02:56P Chart for @AC7G Options for @AC7G
Mar 17 1.580 1.591 1.580 1.591 0.038 1.623 02:49P Chart for @AC7H Options for @AC7H
@DA - MILK CLASS III - CME
Month Open High Low Last Change Close Time More
Dec 16 17.08 17.14 17.06 17.09 0.02 17.10 01:55P Chart for @DA6Z Options for @DA6Z
Jan 17 16.60 16.82 16.60 16.69 0.16 16.68 01:55P Chart for @DA7F Options for @DA7F
Feb 17 16.71 16.97 16.71 16.88 0.20 16.88 01:55P Chart for @DA7G Options for @DA7G
@TY - 10 YR US TREASURY NOTE - CBOT
Month Open High Low Last Change Close Time More
Dec 16 125'00.0 125'09.0 124'21.0 124'23.0 -0'18.0 124'25.5 02:56P Chart for @TY6Z Options for @TY6Z
Mar 17 124'11.5 124'18.0 123'28.0 123'31.0 -0'18.0 124'01.0 02:56P Chart for @TY7H Options for @TY7H
Jun 17 123'17.0 -0'16.0 123'17.0 02:03P Chart for @TY7M Options for @TY7M
@ZG - Not Authorized - ICEFU
Month Open High Low Last Change Close Time More
Dec 16 Chart for @ZG6Z Options for @ZG6Z
Jan 17 Chart for @ZG7F Options for @ZG7F
Feb 17 Chart for @ZG7G Options for @ZG7G
SP - S&P 500 INDEX - CME
Month Open High Low Last Change Close Time More
Dec 16 2248.00 2259.50 2248.00 2257.80 10.10 2247.70 02:47P Chart for SP6Z Options for SP6Z
Mar 17 2243.00 2254.00 2243.00 2253.00 10.60 2242.40 02:54P Chart for SP7H Options for SP7H
Jun 17 2247.10 2242.10 2178.00 2237.10 Chart for SP7M Options for SP7M
My Custom Markets
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An investment in futures contracts involves a high degree of risk and is suitable only for persons who can assume the risk of loss in excess of their margin deposits.  You should carefully consider whether futures trading is appropriate for you in light of your investment experience, trading objectives, financial resources, and other relevant circumstances. Past performance is not necessarily indicative of future results.
 

 
 
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