Quote Ticker
  • CORN (May 16) 390'0 3'0 4/29/16   6:48 AM CST
  • CORN (Jul 16) 393'6 2'4 4/29/16   6:50 AM CST
  • CORN (Sep 16) 392'4 2'0 4/29/16   6:50 AM CST
  • SOYBEANS (May 16) 1014'2 -3'6 4/29/16   6:43 AM CST
  • SOYBEANS (Jul 16) 1024'6 -2'6 4/29/16   6:50 AM CST
  • SOYBEANS (Aug 16) 1026'0 -2'4 4/29/16   6:50 AM CST
  • WHEAT (May 16) 476'4 1'0 4/29/16   5:50 AM CST
  • WHEAT (Jul 16) 486'2 0'6 4/29/16   6:50 AM CST
  • WHEAT (Sep 16) 497'2 2'0 4/29/16   6:50 AM CST
  • SOYBEAN MEAL (May 16) 3288 - 18 4/29/16   6:49 AM CST
  • SOYBEAN MEAL (Jul 16) 3318 - 16 4/29/16   6:49 AM CST
  • SOYBEAN MEAL (Aug 16) 3311 - 15 4/29/16   6:50 AM CST
  • SOYBEAN OIL (May 16) 33.20 0.15 4/29/16   6:35 AM CST
  • SOYBEAN OIL (Jul 16) 33.43 0.16 4/29/16   6:47 AM CST
  • SOYBEAN OIL (Aug 16) 33.53 0.15 4/29/16   6:49 AM CST
  • OATS (May 16) 193'4 -0'6 4/29/16   5:20 AM CST
  • OATS (Jul 16) 207'2 0'4 4/29/16   6:18 AM CST
  • OATS (Sep 16) 211'0 -3'6 4/28/16   8:10 PM CST
  • LEAN HOGS (May 16) 77.500 0.775 4/28/16   1:04 PM CST
  • LEAN HOGS (Jun 16) 80.800 1.300 4/28/16   1:04 PM CST
  • LEAN HOGS (Jul 16) 81.150 1.050 4/28/16   1:04 PM CST
  • LIVE CATTLE (Apr 16) 122.500 - 3.150 4/28/16   1:03 PM CST
  • LIVE CATTLE (Jun 16) 114.800 - 3.000 4/28/16   1:04 PM CST
  • LIVE CATTLE (Aug 16) 111.700 - 2.950 4/28/16   1:04 PM CST
  • ETHANOL (May 16) 1.534 -0.003 4/28/16   2:10 PM CST
  • ETHANOL (Jun 16) 1.526 -0.008 4/29/16   6:21 AM CST
  • ETHANOL (Jul 16) 1.526 4/28/16   1:16 PM CST
  • MILK CLASS III (Apr 16) 13.62     CST
  • MILK CLASS III (May 16) 13.19 -0.02 4/28/16   9:57 PM CST
  • MILK CLASS III (Jun 16) 13.27 -0.08 4/28/16   5:52 PM CST
  • 10 YR US TREASURY NOTE (Jun 16) 129'26.5 -0'04.0 4/29/16   6:50 AM CST
  • 10 YR US TREASURY NOTE (Sep 16) 129'22.0 -0'03.5 4/29/16   6:49 AM CST
  • 10 YR US TREASURY NOTE (Dec 16) 128'31.0 0'06.0 4/28/16   2:01 PM CST
  • S&P 500 INDEX (Jun 16) 2072.00 - 18.30 4/28/16   3:23 PM CST
  • S&P 500 INDEX (Sep 16) 2062.00 - 18.20 4/28/16   3:23 PM CST
  • S&P 500 INDEX (Dec 16) 2036.10 - 18.30 4/28/16   3:23 PM CST


Local Cash Bids
North Central PAMill Delivery Cash   Basis    
 #2 Yellow Corn Chart May 31, 16    
  Chart Nov 30, 16    
  Chart Mar 31, 17    
 #1 Yellow Soybeans Chart Apr 30, 16    
  Chart Oct 31, 16    
 #2 Soft Red Winter Wheat Chart Sep 30, 16    
Western PA Farm Delivery Cash   Basis    
 #2 Yellow Corn Chart May 31, 16    
  Chart Jun 30, 16    
  Chart Oct 31, 16    
  Chart Nov 30, 16    
 #1 Yellow Soybeans Chart May 31, 16    
  Chart Jun 30, 16    
 #2 Soft Red Wheat Chart Jul 31, 16    
  Chart Aug 31, 16    
  Chart Sep 30, 16    
South Central PA Mil Delivery Cash   Basis    
 #2 Yellow Corn Chart Apr 30, 16    
  Chart May 31, 16    
  Chart Jun 30, 16    
  Chart Jul 31, 16    
  Chart Oct 31, 16    
  Chart Nov 30, 16    
 #2 Soft Red Wheat Chart Jul 31, 16    
  Chart Aug 31, 16    
  Chart Sep 30, 16    
 #1 Yellow Soybeans Chart May 31, 16    
  Chart Jun 30, 16    
  Chart Oct 31, 16    
  Chart Nov 30, 16    
Eastern OH Delivery Cash   Basis    
 #2 Yellow Corn Chart May 31, 16    
  Chart Jun 30, 16    
  Chart Oct 31, 16    
  Chart Nov 30, 16    
 #1 Yellow Soybeans Chart May 31, 16    
  Chart Jun 30, 16    
 #2 Soft Red Winter Wheat Chart Jul 31, 16    
  Chart Aug 31, 16    
  Chart Sep 30, 16    
Fob New Jersey Delivery Cash   Basis    
 #2 Yellow Corn Chart Apr 30, 16    
  Chart May 31, 16    
  Chart Jun 30, 16    
  Chart Jul 31, 16    
  Chart Oct 31, 16    
  Chart Nov 30, 16    
 #2 Soft Red Wheat Chart Jul 31, 16    
  Chart Aug 31, 16    
  Chart Sep 30, 16    
 #1 Yellow Soybeans Chart Apr 30, 16    
  Chart May 31, 16    
  Chart Jun 30, 16    
  Chart Jul 31, 16    
  Chart Oct 31, 16    
  Chart Nov 30, 16    
Price as of 04/29/16 07:01AM CDT.
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CHART OF THE DAY

April 19, 2016

**  US corn planting  13% complete, in-line with  average. Weather conducive to further progress.
**  Brazil  second crop corn planting near complete. Dryer trend evolving that requires monitoring.
** World corn carryout seen  near a  record high.  World Stocks/Use at top-end of a ten year range.
** Ethanol margins  5-10 c/gal positive.   Hogs  profitable. Feedlots/Dairy breakeven to worse.
** Corn  should see active exports over the next month or two.  Still plenty of competition overall.
** Fund net short in corn now likely below 100k. Still near record  short wheat.

Overnight, the corn market started a touch weaker, but eventually found its footing, finishing 2 cents
higher by the AM break.  Crop Progress after the close found national harvest progress toward the low-
end of expectations at 13% complete, which is close to “average” levels.  Good progress noted in the
lower Midwest states such as Missouri (58% planted vs. 21% average) and Kansas (35% planted vs. 16%
average).  Illinois is running a bit behind average at 12% complete, while Iowa is running ahead at 13%
complete.  US weather patterns remain conducive to continued progress; warm and dry, followed by
improved chances for moisture and more normal seasonal temperatures.   Elsewhere,  Brazil’s  second
season corn is still rated favorably in Mato Grosso and much of Mato Grosso do Sul (roughly 50% of the
total),  but  other  crop  areas  are  drying  out  and  need  rain  soon.    Argentina  is  still  too  wet  for  much
harvest except for portions of the west and south.  USDA reported a decent chunk of sales in corn, soy,
and meal under daily reporting to unknown and Mexico, though most of it was booked for new crop?
Ethanol margins have held steady or perhaps dipped a little on the corn rally;  we would estimate most
plants are still earning at least 5-10 c/gal, or 15-25 c/bu.

With an uncharacteristically volatile week, corn has shaken the bear tree and placed a little “fear” in
the mix.  We would expect to see short-covering on a ten cent break off the highs ($3.75 area).  Corn is
already into tough overhead, though handling this area would open up counts to $3.95 CK – almost
$4.00 CN.  A “pause to refresh” would be very healthy before going after that spot?


Aside from a weaker open, the corn market kept the pressure on the bear most of Monday, trading as
much as a nickel higher at one point.  Another burst of late selling cooled the market off, though corn
still managed to close the session 2-3 cents higher.  The broad “fund” classification was estimated net
buyers  of  about  10,000  contracts  Mon,  and  by  many  accounts  now  boast  a  net  short  of  less  than
100,000 corn.  Keep in mind, within that mix there are triumphant new longs and stubborn old shorts
who are probably getting a little nervous?  Mid-day Grain Inspections continue to deliver a small dose of
good news to the corn market on a weekly basis.  US exporters shipped just shy of 1.1 million metric
tons (43 mil bu) of grain for the week ended 4/14.  YTD corn shipments stand at 21.9 mmt vs. 25.2 mmt
this time last year.  We would look for continued progress over the next 1-2 months.  “New” business
appears  to  be  ebbing  with  higher  prices,  though  it  remains  to  be  seen  how  many  sales  will  be
transferred  out  of  South  America  to  the  US?
Brazil  grain  buyers  continue  to  complain  about  tight
availability between the first and second crop offtakes; US corn technically works into this origin if the
import tariff is shelved.


Local Conditions
Mifflintown, PA
Chg Zip Code: 
Temp: 45oF Feels Like: 45oF
Humid: 86% Dew Pt: 41oF
Barom: 30.07 Wind Dir: N
Cond: N/A Wind Spd: 0 mph
Sunrise: 6:07 Sunset: 8:02
As reported at SELINSGROVE, PA at 7:00 AM
 
Local Radar
Mifflintown, PA
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Local Forecast
Mifflintown, PA

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Low: 45°F
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Even after the fireworks from the USDA we continue our grind sideways. Over the last 18 months the
corn market  has achieved very little other than bounce between 3.50 and 3.80 It is seemingly unlikely
that the market will be successful at penetrating the 3.50 area until we get more seeds in the ground. 

 

 



 

 

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Futures
@C - CORN - CBOT
Month Open High Low Last Change Close Time More
May 16 387'0 390'4 385'0 390'0 3'0 387'0 06:51A Chart for @C6K Options for @C6K
Jul 16 390'6 394'0 388'2 394'0 2'6 391'2 06:51A Chart for @C6N Options for @C6N
Sep 16 390'0 392'6 387'2 392'4 2'0 390'4 06:50A Chart for @C6U Options for @C6U
@S - SOYBEANS - CBOT
Month Open High Low Last Change Close Time More
May 16 1015'2 1019'0 1009'0 1014'2 -3'6 1018'0 06:51A Chart for @S6K Options for @S6K
Jul 16 1025'0 1029'2 1018'2 1025'0 -2'4 1027'4 06:51A Chart for @S6N Options for @S6N
Aug 16 1025'4 1029'6 1019'6 1026'0 -2'4 1028'4 06:50A Chart for @S6Q Options for @S6Q
@W - WHEAT - CBOT
Month Open High Low Last Change Close Time More
May 16 472'2 476'4 470'4 476'4 1'0 475'4 06:50A Chart for @W6K Options for @W6K
Jul 16 483'6 487'4 480'6 486'2 0'6 485'4 06:50A Chart for @W6N Options for @W6N
Sep 16 494'4 498'4 491'4 497'2 2'0 495'2 06:50A Chart for @W6U Options for @W6U
@SM - SOYBEAN MEAL - CBOT
Month Open High Low Last Change Close Time More
May 16 3300 3310 3263 3291 - 15 3306 06:50A Chart for @SM6K Options for @SM6K
Jul 16 3328 3340 3288 3321 - 13 3334 06:50A Chart for @SM6N Options for @SM6N
Aug 16 3315 3316 3283 3311 - 15 3326 06:50A Chart for @SM6Q Options for @SM6Q
@BO - SOYBEAN OIL - CBOT
Month Open High Low Last Change Close Time More
May 16 33.05 33.24 32.90 33.20 0.15 33.05 06:50A Chart for @BO6K Options for @BO6K
Jul 16 33.27 33.50 33.15 33.46 0.19 33.27 06:50A Chart for @BO6N Options for @BO6N
Aug 16 33.36 33.59 33.27 33.53 0.15 33.38 06:51A Chart for @BO6Q Options for @BO6Q
@O - OATS - CBOT
Month Open High Low Last Change Close Time More
May 16 194'2 194'2 193'4 193'4 -0'6 194'2 06:50A Chart for @O6K Options for @O6K
Jul 16 205'2 207'2 202'2 207'2 0'4 206'6 06:50A Chart for @O6N Options for @O6N
Sep 16 212'0 212'0 211'0 211'0 -3'6 214'6 06:50A Chart for @O6U Options for @O6U
@HE - LEAN HOGS - CME
Month Open High Low Last Change Close Time More
May 16 76.975 77.700 76.925 77.500 0.775 77.325s 06:16A Chart for @HE6K Options for @HE6K
Jun 16 80.000 80.850 79.800 80.800 1.300 80.775s 06:43A Chart for @HE6M Options for @HE6M
Jul 16 80.300 81.325 80.300 81.150 1.050 81.250s 04/28 Chart for @HE6N Options for @HE6N
@LE - LIVE CATTLE - CME
Month Open High Low Last Change Close Time More
Apr 16 125.400 125.700 122.500 122.500 - 3.150 122.850s 04/28 Chart for @LE6J Options for @LE6J
Jun 16 116.850 117.325 114.800 114.800 - 3.000 114.800s 06:45A Chart for @LE6M Options for @LE6M
Aug 16 113.800 114.550 111.700 111.700 - 2.950 111.750s 06:45A Chart for @LE6Q Options for @LE6Q
@AC - ETHANOL - CBOT
Month Open High Low Last Change Close Time More
May 16 1.540 1.555 1.534 1.534 -0.003 1.535s 06:50A Chart for @AC6K Options for @AC6K
Jun 16 1.526 1.526 1.526 1.526 -0.008 1.534 06:50A Chart for @AC6M Options for @AC6M
Jul 16 1.526 1.527s 06:50A Chart for @AC6N Options for @AC6N
@DA - MILK CLASS III - CME
Month Open High Low Last Change Close Time More
Apr 16 13.62 13.63 Chart for @DA6J Options for @DA6J
May 16 13.20 13.20 13.16 13.19 -0.02 13.21 06:46A Chart for @DA6K Options for @DA6K
Jun 16 13.27 13.27 13.27 13.27 -0.08 13.35 06:46A Chart for @DA6M Options for @DA6M
@TY - 10 YR US TREASURY NOTE - CBOT
Month Open High Low Last Change Close Time More
Jun 16 130'01.5 130'06.0 129'27.0 129'27.0 -0'03.5 129'30.5 06:49A Chart for @TY6M Options for @TY6M
Sep 16 130'00.0 130'00.0 129'22.0 129'22.0 -0'03.5 129'25.5 06:49A Chart for @TY6U Options for @TY6U
Dec 16 128'31.0 0'06.0 128'31.0s 04/28 Chart for @TY6Z Options for @TY6Z
@ZG - Not Authorized - ICEFU
Month Open High Low Last Change Close Time More
May 16 Chart for @ZG6K Options for @ZG6K
Jun 16 Chart for @ZG6M Options for @ZG6M
Jul 16 Chart for @ZG6N Options for @ZG6N
SP - S&P 500 INDEX - CME
Month Open High Low Last Change Close Time More
Jun 16 2081.00 2093.50 2065.50 2072.00 - 18.30 2072.40s 04/28 Chart for SP6M Options for SP6M
Sep 16 2062.00 2065.70 2059.20 2062.00 - 18.20 2064.50s 04/28 Chart for SP6U Options for SP6U
Dec 16 2078.20 2052.70 2036.10 - 18.30 2057.90s 04/28 Chart for SP6Z Options for SP6Z
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