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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
E100 7 days a week
24 hours a day*
E-85 Loading - Monday-Friday 
8am-4pm*
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Local Weather

Sioux Center, Iowa (51250)

Current Conditions: Scattered Clouds
Temperature: 82°F Dew point: 63°F
Humidity: 51% Pressure: 30.05 in. Hg
Wind: 6 mph From: Northeast

Forecast

Saturday

Hi: 78°
Lo: 62°
Sunday

Hi: 80°
Lo: 64°
Monday

Hi: 80°
Lo: 59°
Tuesday

Hi: 81°
Lo: 62°
Wednesday

Hi: 78°
Lo: 58°

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 21, 2018, 05:35:31 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
Cattle -

Live cattle futures saw losses of 10 to 40 cents in most contracts on Friday. Nearby was Aug up 2.5 cents on the day and 4.18% higher on the week.

Wheat -

Wheat futures posted 11 to 12 cent gains in most CBT and KC contracts on Friday. MPLS was the leader, up 16 to 18 1/4 cents. The US dollar provided

Soybeans -

Soybean futures ended Friday with most contracts 3 to 4 cents higher, shrugging off pressure from more belligerent trade talk. August was up 3.79%

Ag Market Commentary -

Corn futures closed the week with most contracts 3 to 4 cents higher on Friday. Nearby September was up 4.1% since last Friday, with higher closes

Cotton -

Cotton futures were down 40 to 56 points in the front months on Friday. Sharp losses in the US dollar were offset by more trade news. President

Corn -

Corn futures closed the week with most contracts 3 to 4 cents higher on Friday. Nearby September was up 4.1% since last Friday, with higher closes

Full commentary...