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Edwards Market Thoughts

7/20/18 8:15 am

Corn market is higher this morning as technicals turn supportive and world wheat prices rally. Open interest jumped over 20k contracts with 15k of it in the Dec contract. US weather forecasts generally are favorable with no extreme heat but are trending drier as drought conditions now impact about 9% of the US corn acres. US farmer selling remains muted though basis levels did soften a bit on PNW with a pick up in commercial elevator movement in areas.

French corn crop ratings slipped 2% to 71% G/E now. China sold 1.1016 mmt (43.3 mln bu) at avg price of $209.23 a ton ($5.31 a bu). Look for a supportive close into the weekend as traders anticipate crop ratings will slip slightly in Monday progress report.

Dow futures giving up 75 points and now just below last weeks close. Crude just below unchanged this morning at $69.45. US $ giving back some ground this morning. Set a new high for the move yesterday.

Buenos Aries Grain exchange lowered their corn production forecast another 1 mmt to 31 mmt. USDA currently at 33 mmt. That’s a 78.8 mln bu difference.

Current fundamental make up and price action fits with technical picture in corn. Bias......test $3.80 in the near future?

 

 


                         


     
    

 

 

   

 

 

 

 

 

 

 

 

 


  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Siouxland Energy Hours of Operation
Administrative Office
Mon-Fri
7:30AM-4:30PM
 
Corn Receiving
Mon-Fri
7:30AM-4:30PM
 
 
 
By Product Loading
Mon-Fri
7:30AM-4:30PM
Saturday
7:30-10:30AM
Ethanol Loading
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E-85 Loading - Monday-Friday 
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Local Weather

Sioux Center, Iowa (51250)

Current Conditions: Scattered Clouds
Temperature: 79°F Dew point: 64°F
Humidity: 61% Pressure: 29.94 in. Hg
Wind: 8 mph From: Northeast

Forecast

Friday

Hi: 77°
Lo: 63°
Saturday

Hi: 77°
Lo: 60°
Sunday

Hi: 79°
Lo: 63°
Monday

Hi: 80°
Lo: 61°
Tuesday

Hi: 80°
Lo: 61°

Zip Code:

© 2018 Freese-Notis Weather

Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes retrieved on July 20, 2018, 12:45:26 PM CDT
Free Price Later

3/16/18

On Monday, March 19th Siouxland Energy will be receiving corn for Free Price Later once again. As always it is a first come delivery, we will not book space for customer bushels. If you have any questions feel free to contact Tom Edwards at 712-722-3906!

Driveway Cam
Commentary
Wheat -

Wheat futures are mostly 11 to 12 cents higher in the CBT and KC contracts at midday. MPLS is leading the way, up 15 to 17 cents. All wheat

Soybeans -

Soybean futures are showing 1 to 2 cent losses in most front months at midday, pressured by more belligerent trade talk. Nearby soy meal is down

Corn -

Corn futures are trading 2 to 3 1/2 cents higher in most contracts on Friday. Total exports are now just 3% behind a year ago, with total

Ag Market Commentary -

Corn futures are trading 2 to 3 1/2 cents higher in most contracts on Friday. Total exports are now just 3% behind a year ago, with total

Cotton -

Cotton futures are down 80 to 96 points at the moment. Sharp losses in the US dollar are being offset by more trade news. President Trump is

Lean Hogs -

Lean hog futures are trading $1.10 to $1.475 in the red on Friday. The CME Lean Hog Index was down 53 cents on July 18, to $78.62. The USDA pork

Full commentary...