Edwards Market Thoughts

2/20/18 8:15am

CFTC data Friday suggests Funds covered 54K more corn shorts for the week ending this past Tuesday. Estimated net buying since then takes them to an even net position. In about a month Funds have covered 200K contracts of corn. Updated COT data would also suggest as of Friday Funds were long near 50K soybeans and 870K meal.

Corn was steady to 2 higher overnight and is up 1-2 at the break. Open interest in corn futures was down nearly 5K on Friday, led by the March contract which dropped 30K. US corn basis was little changed on Friday. The March option strikes with the biggest open interest in corn include the $3.60 (63K), $3.50 (49K) and $3.70 (43K).

The USDA will conduct their annual Ag Outlook Forum Thursday and Friday which will include their latest projections on 2018 US acres. With new crop prices similar to a year ago acres are expected to be similar to last year when corn and soy plantings were both around 90 million.

Saudi Arabia bought 960K tons of feed barley for Apr/May delivery at an average price of $243 per ton. Multiple origins are expected. Japan imported 2.2 mmt of grain in January, up 13% from the prior year but only 954K came from the US, 20% less than a year ago. Corn made up more than 47% of Japan’s feed ration in December, up from 46% a year ago.

ADM and Syngenta settled a lawsuit over Syngenta’s corn variety MIR 162 and the fact that it did not have approval for import into China when the company launched it back in 2012-13; there is still a pending suit between Syngenta and Cargill.

 

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Local Weather

Sioux Center, Iowa (51250)

Current Conditions: Light snow
Temperature: 18°F Dew point: 18°F
Humidity: 100% Pressure: 29.69 in. Hg
Wind: 21 mph From: West

Forecast

Saturday

Hi: 30°
Lo: 15°
Sunday

Hi: 37°
Lo: 20°
Monday

Hi: 34°
Lo: 16°
Tuesday

Hi: 32°
Lo: 19°
Wednesday

Hi: 32°
Lo: 16°

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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes retrieved on February 24, 2018, 11:12:55 PM CST
Free Price Later

2/8/18                                                           

As of the close of the day on Friday February 9th, Siouxland Energy is going to Stop taking Corn for "Free Price Later till Further Notice!!"

This last market move higher has generated a good amount for corn sales, and we need to make sure we have room for those bushels. We will let you know when we open up Free Price Later again! 

 

Driveway Cam
Commentary
Wheat -

Wheat futures settled as much as a penny higher in CBT, with MPLS and KC wheat down 1 to 2 1/4 cents. All wheat export sales totaled 328,859 MT

Corn -

Corn futures saw most contracts steady to fractionally lower on Friday. A private export sale of 115,000 MT was reported by the USDA to Egypt for

Cattle -

Live cattle futures ended Friday with mixed trade, as nearby Feb was 35 cents lower. Feeder cattle futures were steady to 42.5 cents higher in the

Soybeans -

Soybean futures closed the Friday session with most contracts steady to 4 1/4 cents higher. Soy meal futures were down $1410/ton, with nearby soy

Lean Hogs -

Lean hog futures finished the day with most contracts slightly higher. The CME Lean Hog Index on February 21 was $70.17, down 61 cents from the

Cotton -

Cotton futures were mostly 91 to 187 points in the green on Friday, after seeing a 7.57% increase since last week. Export sales of old crop Upland

Full commentary...