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Edwards Market Thoughts

6/15/18 8:00am

Possible tariff war between the U.S. and China has the market nervous again today.  A risk off attitude has been common in almost all commodities yet fundamentals have not changed especially in corn.  Old crop ending stocks decreased 80 million bushels to a 2.1 billion bushel total, and new crop decreased 105 million bushel to a 1.57 billion bushel total. These were both larger declines than what trade was expecting. World corn ending stocks were cut 4.46 million metric tons due to the smaller crops in South America and the elevated demand for U.S. corn. 

The market from a technical aspect is oversold.  Anything below 30 is considered oversold.  At the time of this writing  this a.m. July corn has a RSI of 29 and July soybeans are at 19.  Also weighing on corn and soybean prices is a benign weather pattern. 

Funds sold an estimated 35K corn yesterday and our data has them with a net even position. However suspect that with this afternoons CFTC data that will be revised to show them with a modest net short. CFTC data will be as of Tuesday and miss this late week activity.

NOPA crush data later this morning. Trade looking for a number near 165.1 mln bu. If we hit this number ytd production would be running near 6.2% over last year.

Next support for nearby corn: $3.45 ½ followed by $3.36 ¼. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Local Weather

Sioux Center, Iowa (51250)

Current Conditions: Partly Cloudy
Temperature: 72°F Dew point: 70°F
Humidity: 94% Pressure: 29.93 in. Hg
Wind: 3 mph From: Southeast

Forecast

Monday

Hi: 77°
Lo: 66°
Tuesday

Hi: 74°
Lo: 61°
Wednesday

Hi: 76°
Lo: 61°
Thursday

Hi: 73°
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Friday

Hi: 75°
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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes retrieved on June 18, 2018, 06:25:57 AM 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!

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Commentary
Ag Market Commentary -

Corn futures closed with most nearby contracts 1 to 2 cents lower on Friday, despite showing gains at midday. Front month July lost 4.37% on the

Cotton -

Cotton futures posted losses of 269 to 311 points in most contracts on Friday. Nearby Jult was down 4.44% on the week. President Trump decided to go

Corn -

Corn futures closed with most nearby contracts 1 to 2 cents lower on Friday, despite showing gains at midday. Front month July lost 4.37% on the

Lean Hogs -

Lean hog futures settled with 30 to 40 cent losses on Friday, with nearby July up a dime. The CME Lean Hog Index was up another $1.38 to $80.09 on

Cattle -

Live cattle futures finished the Friday session with strong gains, as Aug flirted with limit up. Feeder cattle futures were also sharply higher, up

Wheat -

Wheat futures saw losses of 2 to 4 cents in most nearby winter wheat contracts, with MPLS down 6 to 8 cents. On the week, front month KC was down

Full commentary...