Edwards Market Thoughts

5/20/2019 8:00am 

Corn market is sharply higher as weather maps are wet for the Midwest for the next 2 weeks. Hence corn planting, especially in the ECB will be delayed as we get toward the first week of June. Estimates for tonight's planting progress report range from 46-50% vs 5 year avg of 81%. Funds were short more than expected in Friday's CFTC report, short 282k contracts as of last Tuesday night.

Since then they are thought to have trimmed it down to 209k contracts but still a way to go to get to even (or long). Monthly chart of nearby corn shows next resistance point after $3.90 is $4.00-$4.10.

Dow futures giving up 121 points at 25,659 in early trade. Crude a qtr of a buck higher at $63.01.

We have an estimated 51 million acres unplanted as of this morning. Trade suspecting a 2 – 3 mln planted acre decline ultimately? Getting concerned on the planted acres as well.

News on the tariff war has been tucked away for the time being.  Higher call with planting progress report due out this afternoon at 3. 

Tuesday - Wednesday

 

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Local Weather
Weather radar map

Sioux Center, Iowa (51250)

Current Conditions: Sunny
Temperature: 52°F Dew point: 37°F
Humidity: 58% Pressure: 30.15 in. Hg
Wind: 11 mph From: East

Forecast

Monday
Weather condition
Hi: 57°
Lo: 45°
Tuesday
Weather condition
Hi: 52°
Lo: 48°
Wednesday
Weather condition
Hi: 71°
Lo: 49°
Thursday
Weather condition
Hi: 74°
Lo: 56°
Friday
Weather condition
Hi: 73°
Lo: 50°

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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes retrieved on May 20, 2019, 12:07:58 PM CDT
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
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Corn Receiving Alert

                                                                                                               

FREE Price Later

Siouxland will be offering "Free Price Later" delivery starting Monday December 3rd! This room will be based on first come first serve, if space starts getting filled up we may need to slow deliveries. If you have any questions please give Tom E a call 722-3906.

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Commentary
Lean Hogs Waiting For Confirmation of More Sales -

Lean Hog futures closed the Friday session with front months 15 to 65 cents higher and deferred contracts lower. Later in the day, it was reported

Cattle Market Seen Steady to Higher -

Live cattle futures posted 80 cent to $1.80 gains in most contracts on Friday. USDA indicated that Japan has agreed to lift the 30-month age

Ag Market Commentary -

Corn futures are trading 1 to 5 cents higher this morning, again led by the old crop contracts. They ended as much as 4 1/4 cents higher on Friday.

Wheat Market Double Digits Higher on KS Rain Forecast -

Wheat futures are 8 to 10 cents higher in the Chicago and MPLS contracts this morning. KC HRW is up 12 to 14 cents on concerns about disease

Cotton Market Steady Overnight With No China News -

Cotton futures are trading 3 points lower to 17 higher in thin action. They ended Friday 71 to 131 points lower. July was down 3.59% Friday to

Soybeans Recover Half of Friday Losses Overnight -

Soybean futures are 8 to 10 cents higher this morning. They were hit hard on Friday, with the front months down 17 to 18 1/4 cents. Traders are

Full commentary...


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