Quote Ticker
  • CORN (Mar 15) 370'6 -1'4 1/30/15   1:30 PM CST
  • CORN (May 15) 378'6 -1'4 1/30/15   1:30 PM CST
  • CORN (Jul 15) 386'2 -1'6 1/30/15   1:30 PM CST
  • SOYBEANS (Mar 15) 961'2 -7'2 1/30/15   1:30 PM CST
  • SOYBEANS (May 15) 968'0 -7'0 1/30/15   1:30 PM CST
  • SOYBEANS (Jul 15) 973'4 -7'0 1/30/15   1:30 PM CST
  • WHEAT (Mar 15) 503'0 -5'0 1/30/15   1:30 PM CST
  • WHEAT (May 15) 507'2 -5'6 1/30/15   1:30 PM CST
  • WHEAT (Jul 15) 512'0 -5'4 1/30/15   1:30 PM CST
  • SOYBEAN MEAL (Mar 15) 3307 - 80 1/30/15   1:30 PM CST
  • SOYBEAN MEAL (May 15) 3242 - 66 1/30/15   1:30 PM CST
  • SOYBEAN MEAL (Jul 15) 3226 - 62 1/30/15   1:30 PM CST
  • SOYBEAN OIL (Mar 15) 30.01 0.46 1/30/15   1:30 PM CST
  • SOYBEAN OIL (May 15) 30.15 0.46 1/30/15   1:30 PM CST
  • SOYBEAN OIL (Jul 15) 30.37 0.45 1/30/15   1:30 PM CST
  • OATS (Mar 15) 276'0 -7'0 1/30/15   1:30 PM CST
  • OATS (May 15) 279'0 -6'6 1/30/15   1:30 PM CST
  • OATS (Jul 15) 284'4 -8'0 1/30/15   1:30 PM CST
  • LEAN HOGS (Feb 15) 67.500 -1.075 1/30/15   1:15 PM CST
  • LEAN HOGS (Apr 15) 72.250 -0.950 1/30/15   1:15 PM CST
  • LEAN HOGS (May 15) 88.500 1.025 1/30/15   1:15 PM CST
  • LIVE CATTLE (Feb 15) 154.800 1.325 1/30/15   1:15 PM CST
  • LIVE CATTLE (Apr 15) 152.350 1.775 1/30/15   1:15 PM CST
  • LIVE CATTLE (Jun 15) 144.600 1.200 1/30/15   1:15 PM CST
  • ETHANOL (Feb 15) 1.365 0.003 1/30/15   1:24 PM CST
  • ETHANOL (Mar 15) 1.387 0.007 1/30/15   1:25 PM CST
  • ETHANOL (Apr 15) 1.420 0.011 1/30/15   1:16 PM CST
  • MILK CLASS III (Jan 15) 16.14 -0.02 1/30/15   1:11 PM CST
  • MILK CLASS III (Feb 15) 16.00 0.01 1/30/15   1:54 PM CST
  • MILK CLASS III (Mar 15) 15.58 0.20 1/30/15   1:54 PM CST
  • 10 YR US TREASURY NOTE (Mar 15) 131'03.5 0'22.0 1/30/15   3:59 PM CST
  • 10 YR US TREASURY NOTE (Jun 15) 130'20.0 0'23.5 1/30/15   3:57 PM CST
  • 10 YR US TREASURY NOTE (Sep 15) 129'30.0 0'23.5 1/30/15   2:01 PM CST
  • S&P 500 INDEX (Mar 15) 1991.00 - 30.10 1/30/15   3:20 PM CST
  • S&P 500 INDEX (Jun 15) 1984.00 - 30.10 1/30/15   3:20 PM CST
  • S&P 500 INDEX (Sep 15) 1976.80 - 30.10 1/30/15   3:20 PM CST
  • DJ INDUSTRIAL AVERAGE (Mar 15) 17114.00 - 335.00 1/30/15   3:20 PM CST
  • DJ INDUSTRIAL AVERAGE (Jun 15) 17105.00 - 343.00 1/30/15   3:20 PM CST
  • DJ INDUSTRIAL AVERAGE (Sep 15) 16932.00 - 343.00 1/30/15   3:20 PM CST


Local Cash Bids
North Central PAMill Delivery Cash   Basis    
 #2 Yellow Corn Chart Jan 31, 15    
  Chart Mar 31, 15    
  Chart May 31, 15    
 #1 Yellow Soybeans Chart Jan 31, 15    
  Chart Oct 31, 15    
 #2 Soft Red Winter Wheat Chart Jan 31, 15    
  Chart Mar 31, 15    
Western PA Farm Delivery Cash   Basis    
 #2 Yellow Corn Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
 #1 Yellow Soybeans Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
 #2 Soft Red Wheat Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
South Central PA Mil Delivery Cash   Basis    
 #2 Yellow Corn Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
 #2 Soft Red Wheat Chart Jan 31, 15    
 #1 Yellow Soybeans Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
Eastern OH Delivery Cash   Basis    
 #2 Yellow Corn Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
 #1 Yellow Soybeans Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
 #2 Soft Red Winter Wheat Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
Fob New Jersey Delivery Cash   Basis    
 #2 Yellow Corn Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
 #2 Soft Red Wheat Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
 #1 Yellow Soybeans Chart Jan 31, 15    
  Chart Feb 28, 15    
  Chart Mar 31, 15    
Price as of 01/30/15 05:10PM CST.
Click to view more Cash Bid Trading System

CHART OF THE DAY
1/26/2015

Continuing Themes:
** USDA “finalized” US yields at 171.0 bpa (down from 173.4 in Dec) for a still record large 14.2 bil crop.
** World corn carryout seen expanding this year to a multi-year high of 189 mmt.
** South American corn plantings near complete.  Private estimates nearing 100 mmt total SAM.
** Feedlot, Ethanol, & Dairy margins poor.  Cow-Calf & Hogs okay.  Export competitiveness improving.
** Spec funds net long 140,000 corn, both outright and likely against other ag shorts via spreads.
Overnight,  the markets  opened  steady/firm,  but  slowly  angled  lower  throughout  the  night,  closing  3
cents lower by the AM break.  Volumes were slightly below average.  Good South American weather
remains an anchor dragging down price, and weakening corn basis is adding to the negative sentiment
this morning.  Argentina was mostly dry over the weekend, which was welcome after recent heavy rains.
Brazil & Paraguay, meanwhile, received pretty good rain coverage over the weekend.  A good mix of
sun/rain is generally expected for the bulk of Brazil & Arg crop areas over the next couple of weeks.
Weakening end-user profitability over the past couple of months finally appears to be weighing on basis.
Feedlot margins have turned red, ethanol & dairy profitability is breakeven at best, and hog margins are
still  positive  but  under  pressure.

Recent  choppy  price  action  has  done  a  number  on  corn  option
volatility; at-the-money March straddles ended Friday at roughly 18 cents, a nickel lower than last week.
Old-new crop corn spreads are trading at new recent lows, while the new crop corn/bean ratio is trading
at multi-month highs.

Corn looks set to trade around a bit, with buying below and selling above.  $3.90 & $3.95 has been
confirmed as tough resistance. Breaking $3.75 should yield a further 15 cent correction.  Keep an eye
on N/Z spreads – sell July, buy Dec on a small bounce, risking the pre-report highs.


Corn finished 3 cents higher Friday and unchanged for the week; in fact, old/new crop spreads (up 2
cents wk/wk) moved more than the underlying.  Feb options expired without much drama.  Funds ended
the day buyers of a net 6,000 contracts.  CFTC data Fri afternoon showed large spec funds sold 12,000
corn through Tuesday the 20th, leaving them net long 138,000.  Index funds lightened their longs by a
further  4,000  contracts.
 
Corn  found  limited  support  Friday  from  weekly  export  sales,  which  were
pegged at 2.2 million metric tons (86 mil bu) – a marketing year high.  The report featured a good mix of
business,  and  leaves  sales  +  ship  at  68%  of  the  USDA’s  export  sales  goal.    Some  expect  the  recent
enthusiasm  to  wane,  given  continued  upside  momentum  in  the  US  Dollar  (makes  US  supplies
comparatively  more  expensive)  and  aggressive  selling  by  Ukraine.
Over  the  weekend,  South  Korea
picked up another 110,000 metric tons of optional origin corn for July days.  Given the two day plunge in
Gulf corn bids, it would appear the exporter is none too aggressive?

 

Local Conditions
Mifflintown, PA
Chg Zip Code: 
Temp: 27oF Feels Like: 15oF
Humid: 51% Dew Pt: 11oF
Barom: 30.12 Wind Dir: WNW
Cond: N/A Wind Spd: 15 mph
Sunrise: 7:19 Sunset: 5:21
As reported at SELINSGROVE, PA at 5:00 PM
 
Local Radar
Mifflintown, PA
Radar
 
Local Forecast
Mifflintown, PA

Friday

Saturday

Sunday

Monday

Tuesday
High: 35°F
Low: 15°F
Precip: 31%
High: 25°F
Low: 5°F
Precip: 0%
High: 33°F
Low: 14°F
Precip: 69%
High: 28°F
Low: 9°F
Precip: 80%
High: 21°F
Low: 1°F
Precip: 0%
View complete Local Weather

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Video Clips


 America’s oil imports from the 12-member OPEC countries dropped in October
of last year (most recent month available) to a 28-year low of only 2.62 million barrels per day (bpd),
the lowest level since April 1986. From the peak of 6.4 million bpd in January 2008, America’s oil imports
from OPEC have fallen by more than 59%, and for that dramatic drop we can thank hydraulic fracturing,
horizontal drilling and the domestic shale oil bonanza.


Chart of the day:  With the price of gasoline at its lowest level ever when adjusted for fuel economy and
measured in “time cost,” it’s a great time to celebrate the “marvel and power of the market and market prices”
and Jeff Tucker does that exceptionally well in his article. Resource economist Julian Simon must be smiling
right now because he predicted throughout his noteworthy career that the prices of commodity and resources
would generally trend downward in the long run due to market forces, innovation, and technology. Today’s low
gas and oil prices are an appropriate tribute to Julian Simon, and a compelling confirmation of his many decades
of work and writing on resource economics.
 

At today’s price of $2.09 per gallon, gasoline prices in the US are the lowest in history, adjusting for increased fuel
economy and higher wages as the chart above illustrates. At today’s average fuel economy of 25.1 miles per gallon,
a typical car would require just under four gallons of gas, which would cost $8.32 at today’s price of $2.09.  At the
estimated average hourly wage today of $20.82, a typical worker would have to work for 24 minutes to earn enough
pre-tax income to purchase the gas required to drive 100 miles, and that brings the “time cost of gas” priced in
minutes of work to the lowest level in US history.

It’s therefore a great time for us to acknowledge and celebrate the importance of falling gas and oil prices, as Jeffrey
Tucker suggests in his excellent and timely article “All Hail the Tumbling Price of Gas:
The people against the powerful at the pump
.” As Jeff points out, consumers should be especially happy about today’s
low gas prices because there are many very powerful special interest groups who are very unhappy that gas prices are
approaching $2.09 per gallon (and 43.5% below the $3.70 price in April) and that oil prices are below $50 per barrel.

As Jeff describes it, today’s low gas prices are an impressive tribute to the “marvels of the market” and he points out that
there are at least eight very powerful special interest groups who benefit from high prices for gas and oil, and they
hate today’s low prices. But even the combined power of those eight powerful groups hasn’t been able to counteract the
powerful market forces that have brought gas prices down so quickly and dramatically:



 

Futures
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
Mar 15 372'6 373'0 365'6 370'6 -1'4 370'0s 03:59P Chart for @C5H Options for @C5H
May 15 380'6 381'0 373'6 378'6 -1'4 378'4s 03:59P Chart for @C5K Options for @C5K
Jul 15 388'4 388'4 381'4 386'2 -1'6 386'0s 03:43P Chart for @C5N Options for @C5N
@S - SOYBEANS - CBOT
Month Open High Low Last Change Close Time More
Mar 15 968'0 972'6 955'0 961'2 -7'2 961'0s 03:59P Chart for @S5H Options for @S5H
May 15 974'6 979'0 961'6 968'0 -7'0 967'6s 03:56P Chart for @S5K Options for @S5K
Jul 15 979'6 984'0 967'0 973'4 -7'0 972'6s 02:30P Chart for @S5N Options for @S5N
@W - WHEAT - CBOT
Month Open High Low Last Change Close Time More
Mar 15 508'0 511'6 497'0 503'0 -5'0 502'6s 03:15P Chart for @W5H Options for @W5H
May 15 512'4 515'6 501'6 507'2 -5'6 506'6s 02:57P Chart for @W5K Options for @W5K
Jul 15 517'0 520'6 507'0 512'0 -5'4 511'4s 02:30P Chart for @W5N Options for @W5N
@SM - SOYBEAN MEAL - CBOT
Month Open High Low Last Change Close Time More
Mar 15 3379 3395 3280 3307 - 80 3299s 03:41P Chart for @SM5H Options for @SM5H
May 15 3307 3321 3220 3242 - 66 3240s 01:30P Chart for @SM5K Options for @SM5K
Jul 15 3280 3295 3198 3226 - 62 3218s 04:16P Chart for @SM5N Options for @SM5N
@BO - SOYBEAN OIL - CBOT
Month Open High Low Last Change Close Time More
Mar 15 29.50 30.09 29.43 30.01 0.46 30.00s 03:42P Chart for @BO5H Options for @BO5H
May 15 29.71 30.34 29.69 30.15 0.46 30.24s 01:30P Chart for @BO5K Options for @BO5K
Jul 15 29.94 30.54 29.90 30.37 0.45 30.46s 03:43P Chart for @BO5N Options for @BO5N
O - OATS - CBOT
Month Open High Low Last Change Close Time More
Mar 15 276'0 276'0 276'0 276'0 -7'0 275'4s 01:30P Chart for O5H Options for O5H
May 15 279'0 279'0 279'0 279'0 -6'6 280'0s 01:30P Chart for O5K Options for O5K
Jul 15 284'4 -8'0 284'4s 01:30P Chart for O5N Options for O5N
LH - LEAN HOGS - CME
Month Open High Low Last Change Close Time More
Feb 15 68.100 68.400 67.450 67.500 -1.075 67.475s 01:15P Chart for LH5G Options for LH5G
Apr 15 72.700 72.750 71.800 72.250 -0.950 72.250s 01:15P Chart for LH5J Options for LH5J
May 15 80.500 88.500 1.025 80.450s 01:15P Chart for LH5K Options for LH5K
LC - LIVE CATTLE - CME
Month Open High Low Last Change Close Time More
Feb 15 154.400 155.300 153.050 154.800 1.325 154.850s 01:15P Chart for LC5G Options for LC5G
Apr 15 151.000 152.350 149.800 152.350 1.775 152.275s 01:15P Chart for LC5J Options for LC5J
Jun 15 144.000 144.800 142.800 144.600 1.200 144.625s 01:15P Chart for LC5M Options for LC5M
@AC - ETHANOL - CBOT
Month Open High Low Last Change Close Time More
Feb 15 1.364 1.401 1.330 1.365 0.003 1.367s 04:15P Chart for @AC5G Options for @AC5G
Mar 15 1.369 1.412 1.346 1.387 0.007 1.386s 04:15P Chart for @AC5H Options for @AC5H
Apr 15 1.378 1.424 1.365 1.420 0.011 1.402s 04:15P Chart for @AC5J Options for @AC5J
@DA - MILK CLASS III - CME
Month Open High Low Last Change Close Time More
Jan 15 16.19 16.19 16.14 16.14 -0.02 16.14s 04:00P Chart for @DA5F Options for @DA5F
Feb 15 16.10 16.38 15.92 16.00 0.01 16.00s 04:00P Chart for @DA5G Options for @DA5G
Mar 15 15.62 16.04 15.33 15.58 0.20 15.66s 04:00P Chart for @DA5H Options for @DA5H
@TY - 10 YR US TREASURY NOTE - CBOT
Month Open High Low Last Change Close Time More
Mar 15 130'06.5 131'05.5 130'04.0 131'03.5 0'22.0 130'28.0s 04:00P Chart for @TY5H Options for @TY5H
Jun 15 129'22.5 130'20.5 129'22.5 130'20.0 0'23.5 130'11.5s 04:00P Chart for @TY5M Options for @TY5M
Sep 15 129'30.0 0'23.5 129'30.0s 04:00P Chart for @TY5U Options for @TY5U
@ZG - Not Authorized - ICEFU
Month Open High Low Last Change Close Time More
Feb 15 Chart for @ZG5G Options for @ZG5G
Mar 15 Chart for @ZG5H Options for @ZG5H
Apr 15 Chart for @ZG5J Options for @ZG5J
SP - S&P 500 INDEX - CME
Month Open High Low Last Change Close Time More
Mar 15 2001.00 2017.00 1986.00 1991.00 - 30.10 1988.40s 03:20P Chart for SP5H Options for SP5H
Jun 15 2008.80 1981.30 1984.00 - 30.10 1980.70s 03:20P Chart for SP5M Options for SP5M
Sep 15 2001.60 1974.10 1976.80 - 30.10 1973.50s 03:20P Chart for SP5U Options for SP5U
DJ - DJ INDUSTRIAL AVERAGE - CBOT
Month Open High Low Last Change Close Time More
Mar 15 17280.00 17345.00 17090.00 17114.00 - 335.00 17097.00s 03:20P Chart for DJ5H Options for DJ5H
Jun 15 17105.00 - 343.00 17022.00s 03:20P Chart for DJ5M Options for DJ5M
Sep 15 16932.00 - 343.00 16932.00s 03:20P Chart for DJ5U Options for DJ5U
My Custom Markets
Symbol Open High Low Last Change Close Time More

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Fertilizer
Please give us a call for current and in season
prices for all of your fertilizer needs. We have very
competitive prices on 30% UAN, Starter, MAP,
DAP, AMS, and Potash.  We also offer custom
dry and liquid blends.

(877) 343-4278 or email us @
jon@keystonecommodities.com
 

Disclaimer
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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