Quote Ticker
  • CORN (May 17) 357'4 -0'2 3/29/17   12:01 AM CST
  • CORN (Jul 17) 365'4 0'0 3/28/17   11:32 PM CST
  • CORN (Sep 17) 372'6 -0'4 3/28/17   10:41 PM CST
  • SOYBEANS (May 17) 971'2 -0'6 3/29/17   12:02 AM CST
  • SOYBEANS (Jul 17) 981'6 -0'4 3/29/17   12:01 AM CST
  • SOYBEANS (Aug 17) 983'0 -1'2 3/28/17   11:02 PM CST
  • WHEAT (May 17) 425'0 0'4 3/29/17   12:00 AM CST
  • WHEAT (Jul 17) 438'2 0'6 3/28/17   11:44 PM CST
  • WHEAT (Sep 17) 452'6 0'2 3/28/17   10:23 PM CST
  • SOYBEAN MEAL (May 17) 3151 - 2 3/29/17   12:01 AM CST
  • SOYBEAN MEAL (Jul 17) 3187 - 1 3/29/17   12:02 AM CST
  • SOYBEAN MEAL (Aug 17) 3187 - 6 3/28/17   10:38 PM CST
  • SOYBEAN OIL (May 17) 32.46 -0.01 3/29/17   12:01 AM CST
  • SOYBEAN OIL (Jul 17) 32.72 -0.02 3/29/17   12:01 AM CST
  • SOYBEAN OIL (Aug 17) 32.79 -0.02 3/29/17   12:01 AM CST
  • OATS (May 17) 231'4 -3'4 3/28/17   11:22 PM CST
  • OATS (Jul 17) 222'4 -3'2 3/28/17   10:05 PM CST
  • OATS (Sep 17) 221'4 -3'4 3/28/17   1:16 PM CST
  • LEAN HOGS (Apr 17) 65.225 -0.550 3/28/17   1:04 PM CST
  • LEAN HOGS (May 17) 69.600 -0.925 3/28/17   1:03 PM CST
  • LEAN HOGS (Jun 17) 72.725 -1.075 3/28/17   1:04 PM CST
  • LIVE CATTLE (Apr 17) 120.900 - 0.300 3/28/17   1:04 PM CST
  • LIVE CATTLE (Jun 17) 111.750 0.150 3/28/17   1:04 PM CST
  • LIVE CATTLE (Aug 17) 107.300 0.350 3/28/17   1:04 PM CST
  • ETHANOL (Apr 17) 1.559 0.020 3/28/17   1:16 PM CST
  • ETHANOL (May 17) 1.586 0.019 3/28/17   3:11 PM CST
  • ETHANOL (Jun 17) 1.576 0.011 3/28/17   1:27 PM CST
  • MILK CLASS III (Mar 17) 15.83     CST
  • MILK CLASS III (Apr 17) 15.17     CST
  • MILK CLASS III (May 17) 15.60 0.01 3/28/17   6:31 PM CST
  • 10 YR US TREASURY NOTE (Jun 17) 124'08.5 -0'03.0 3/28/17   11:59 PM CST
  • 10 YR US TREASURY NOTE (Sep 17) 123'26.5     CST
  • 10 YR US TREASURY NOTE (Dec 17) 123'27.0 -0'10.0 3/28/17   2:01 PM CST
  • S&P 500 INDEX (Jun 17) 2351.50 13.00 3/28/17   3:16 PM CST
  • S&P 500 INDEX (Sep 17) 2373.50 13.10 3/28/17   3:16 PM CST
  • S&P 500 INDEX (Dec 17) 2368.50 13.10 3/28/17   3:16 PM CST


Local Cash Bids
North Central PAMill Delivery Cash   Basis    
 #2 Yellow Corn Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Nov 30, 17    
 #1 Yellow Soybeans Chart Mar 31, 17    
  Chart Nov 30, 17    
 #2 Soft Red Winter Wheat Chart Mar 31, 17    
  Chart Sep 30, 17    
Western PA Farm Delivery Cash   Basis    
 #2 Yellow Corn Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Jun 30, 17    
  Chart Jul 31, 17    
  Chart Aug 31, 17    
 #2 Soft Red Wheat Chart Jul 31, 17    
  Chart Aug 31, 17    
  Chart Sep 30, 17    
South Central PA Mil Delivery Cash   Basis    
 #2 Yellow Corn Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Jun 30, 17    
  Chart Jul 31, 17    
  Chart Oct 31, 17    
  Chart Nov 30, 17    
 #2 Soft Red Wheat Chart Mar 31, 17    
  Chart Jul 31, 17    
  Chart Aug 31, 17    
  Chart Sep 30, 17    
 #1 Yellow Soybeans Chart Mar 31, 17    
  Chart Oct 31, 17    
  Chart Nov 30, 17    
Eastern OH Delivery Cash   Basis    
 #2 Yellow Corn Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Jun 30, 17    
  Chart Jul 31, 17    
  Chart Aug 31, 17    
 #2 Soft Red Winter Wheat Chart Jul 31, 17    
  Chart Aug 31, 17    
  Chart Sep 30, 17    
Fob New Jersey Delivery Cash   Basis    
 #2 Yellow Corn Chart Mar 31, 17    
  Chart Apr 30, 17    
  Chart May 31, 17    
  Chart Jun 30, 17    
  Chart Jul 31, 17    
  Chart Oct 31, 17    
  Chart Nov 30, 17    
 #2 Soft Red Wheat Chart Mar 31, 17    
  Chart Jul 31, 17    
  Chart Aug 31, 17    
  Chart Sep 30, 17    
 #1 Yellow Soybeans Chart Mar 31, 17    
  Chart Oct 31, 17    
  Chart Nov 30, 17    
Price as of 03/29/17 12:12AM CDT.
Click to view more Cash Bid Trading System

CHART OF THE DAY

March 20, 2017

Continuing Themes:
**  USDA confirms record 2016 US Corn harvest. USDA  acreage intentions  for 2017 out  Fri,  Mar 31.
** World corn carryout seen  at a  record high, but  not quite as burdensome when compared to use.
**  Argentina full year and  Brazil  second crop corn planting  nearly  complete.
** Ethanol margins  breakeven/better.   All livestock sectors  profitable overall to various degrees.
**  US  Corn  should see  continued  yr/yr gains in exports.   Black Sea, Arg, & US, all competing for  biz.
**  Funds  now close to net even after most recent CFTC surprise.

Overnight, the corn market opened higher right out of the gate, finishing two cents higher by the AM
break.  Roughly once every two months, the CFTC will throw a curveball in their weekly Commitment of
Traders data. They did just that Friday after the close, and they put an awful lot of spin on it.  For the
week ended 3/14, Managed Money funds were viewed net sellers of over 100,000 contracts of corn;
most  estimates  had  the  total  fund  tally  at  well  under  half  of  that  level?    Taking  the  fresh  data  into
account  and  small  buying  Wed-Fri,  funds  likely  went  into  the  weekend  small  net  shorts  of  roughly
10,000 corn contracts.  On a side note, funds also aggressively sold length in sugar, crude oil, and gold.
Index funds were also rather large net sellers in corn and soy, perhaps indicating some retrenchment of
the recently popular “long commodities because its ‘cheap’” hot money trade.  That’s really most of the
story; one can maybe look at less-than-ideal US wheat weather, but wheat gains tended to lose the gap
higher open by the AM break?  On the weather front, South American conditions remain good overall,
South Africa is seeing a good late season push to crops, and China’s spring looks to get off to a good
start (excepting some flood potential in the Yangtze River Basin).  Late Friday, AgRural estimated Brazil
second crop planting progress at 96%.

The  market  appears  to  be  in  the midst  of  a much-needed  corrective  bounce after  achieving initial
downside objectives.  We  expect corn to find tough resistance  in the  $3.70 area, basis CK, which we
traded up to overnight. Those with a need to be short should use the current rebound to make any
desired sales or hedges of old crop inventory. A deeper test of long-term support could  still  be in the
cards ahead of the March 31st reports, with open downside counts noted at $3.52 and  then  $3.41 CK.


Corn continued its recent recovery effort in a quiet, choppy Friday.  No doubt many traders were more
interested in filling out their NCAA brackets than their crib sheets?  Futures finished the day with 1-2
cent gains, and the “official” weekly chart will record 9 cent gains.  That being said, last week’s bar looks
much  more  impressive  than  trade  was  in  reality,  given  the  expiration  of  the  March  contract,  which
probed multi-month lows ahead of expiration and traded at an 8 cent discount to the May.  Individually,
the May contract managed only three cent gains on the week.  Cash markets offered some gains on the
interior, as the recent break in corn has put some value back in #2 yellow for many end-users.  Cattle
and ethanol in particular both broadly improved their fortunes last week.  The lead April Cattle contract
challenged January’s high; feedlot margins could be nearing $400/head given cheaper feeders booked
this winter?  The ethanol crush rebounded 10 c/gal off recent lows; we would estimate nearly all  plants
are  able  to  breakeven,  and  a  few  are  able  to  earn  up  to  20  c/gal  (50-60  c/bu)  in  the  present
environment.  Hogs have maintained modest profitability throughout, while dairy is close to breakeven.
There were another two cargos of US corn sold to Korea today under daily reporting.



Meanwhile farm debt continues to rise at an astonishing rate...


 


Local Conditions
Mifflintown, PA
Chg Zip Code: 
Temp: 51oF Feels Like: 51oF
Humid: 86% Dew Pt: 47oF
Barom: 30.02 Wind Dir: NE
Cond: N/A Wind Spd: 9 mph
Sunrise: 6:54 Sunset: 7:29
As reported at SELINSGROVE, PA at 12:00 AM
 
Local Radar
Mifflintown, PA
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Local Forecast
Mifflintown, PA

Wednesday

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Sunday
High: 54°F
Low: 41°F
Precip: 0%
High: 51°F
Low: 33°F
Precip: 50%
High: 49°F
Low: 37°F
Precip: 50%
High: 51°F
Low: 42°F
Precip: 20%
High: 55°F
Low: 39°F
Precip: 0%
View complete Local Weather



Video Clips

 And finally, farmer returns have crashed to the lowest levels ever.  We're not sure about you but a 2% ROIC
seems a "little low" even in our current rigged interest rate environment.  So, there's only a couple of ways to fix
that problem...either commodity prices have to recover quickly or farmland prices need to come down substantially. 
Which do you think will happen first?

 


Futures
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
May 17 357'2 358'0 357'0 357'4 -0'2 357'6 12:01A Chart for @C7K Options for @C7K
Jul 17 364'6 365'4 364'4 365'4 0'0 365'4 12:01A Chart for @C7N Options for @C7N
Sep 17 372'6 373'0 372'4 372'6 -0'4 373'2 12:01A