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Been Thinking...

"Sticking to it is the genius!  Any other bright-minded fellow can accomplish just as much if he will stick like hell and remember nothing that's any good works by itself.  You got to make the damn thing work."

Thomas Edison

DFE Cash Bids
Notes Delivery Start Delivery End Cash Price Price Change Basis
Corn
Soybeans

Quotes retrieved on November 22, 2017, 10:25:10 AM CST
November WASDE Report

2017 Crop Insurance Prices

Corn - $3.96 Spring        $3.49 Fall

Beans - $10.19 Spring    $9.75 Fall

 

Wednesday Morning Comments

Morning Market Direction:  Corn unc; Beans up 7

Mixed to higher markets with soybeans finding seasonal buying interest as we approach the Thanksgiving holiday. Fresh fundamental news remains scarce but soybeans have rallied to a 2-week high. Crude oil is rallying roughly $1/barrel and testing recent highs near $58 following the API report showing a large draw in stocks. Equities are rallying with the Dow futures making new all-time highs while the dollar index is near unchanged.

The South American weather outlook is mostly unchanged as showers are still expected across northern Argentina into the weekend. Rainfall totals for the region are expected to be in the .25-.75” range with some locally heavier amounts. A heavier round of showers and thunderstorms are forecasted for that region in the 8-15 day outlook. Crop conditions are expected to improve if the current outlook materializes.

Today’s EIA weekly ethanol production report will likely show another strong week of production similar to last week’s 309.9 million gallons. Central Iowa ethanol margins absent corn oil extraction are estimated in the range of 3 to 8 cents per gallon.

The funds were net buyers yesterday of 3k contracts of soybean oil and 4k lots of SRW wheat. They were net sellers of 2k corn, 1k contracts of soybeans and 3k soybean meal. We estimate the funds to be net short 109k contracts of SRW wheat and 207k corn contracts. The funds are estimated to be net long 41k contracts of soybeans, 11k lots of soymeal, and 55k lots of soyoil.

The USDA will release their annual 10 year baseline supply and demand and price forecasts next Tuesday, November 28th.

Australia's Bureau of Meteorology is estimating the chance of a La Nina weather event starting next month at 70 percent.

Shortly after the conclusion of yesterday’s NAFTA negotiations U.S. Trade Representative Robert Lighthizer indicated some progress had been made to modernize NAFTA but remained concerned about the lack of headway. He said in a statement. “Thus far, we have seen no evidence that Canada or Mexico are willing to seriously engage on provisions that will lead to a rebalanced agreement. Absent rebalancing, we will not reach a satisfactory result,”

Summary Items:
The “Turkey Day Bounce” holds true, providing support for soybeans.
Weekly export sales will be released on Friday due to Thursday’s Holiday.
FND December futures is Thursday, November 30th.

Board of Directors
Outside Markets
Quotes retrieved on November 22, 2017, 10:25:10 AM CST
CME Futures Markets
Quotes retrieved on November 22, 2017, 10:25:10 AM CST
Information gathered for this website is thought to be from reliable sources, but cannot be guaranteed as to its accuracy or completeness by DFE.