Premier Cooperative will be closed Monday, May 25 in observance of MEMORIAL DAY. After the close on Friday,grain markets don’t reopen until Monday at 7:00 pm CT i
FREE PRICE LATER :
now available (through 8/31/15) on corn and beans delivered out of your bins on space available basis. Call your local elevator for details . GRAIN DELIVERIES TO DILLSBURG are limited due to construction. Please call Shane Drayer at 217 280-0851 or Frank Sylvester 217 369-1531 for details.
PLEASE BE AWARE: Premier is not accepting Duracade® corn grown in 2014.
The futures market was like Crocodile Dundee today: “No worries mate!” Some short covering lent support in the overnight, but this quickly faded during the day session and corn closed 4-5 cents lower as technical selling was the feature of the day. Funds were sellers of 6,000 corn contracts by mid-day and hold a 120,000+ short position. Stronger dollar and weaker crude negative grains today. For the week CN and CZ fell 5 cents. S. America’s corn production keeps growing with Brazil estimated at 82.1 MMT and Argentina at 31.0 MMT. Not a surprise, but Brazil’s second crop comprises 63% of their production. U.S. weather is still good overall as the growing season progresses. Corn planting is ahead of average and next week’s crop condition report is expected to show very good conditions. Bird flu in the Midwest continues to be a problem while at the same time chick placements and egg sets run 3% ahead of last year. Cattle of Feed report today considered supportive to cattle, so that is at least a bit negative to grains. Weekly export sales for old crop were decent but lag last year by roughly 100 mln. bu. and new crop commitments lag year ago levels by roughly 25 mln. bu. Not much bullish in corn right now but it at least feels like end user interest is picking up to some degree.
Cattle on Feed Report: On Feed 101% (est. 101.7), Placed 95% (est. 102.4), Marketed 92% (est. 92.4)
Soybeans experienced a mixed week of trade this week as the tug of war continues between lack of producer movement/good crush margins vs. more than ample world supplies and the U.S. off to a decent start regarding our bean crop. The supply story seems to have won this week as soybeans fell 13-14 cents today and fell 27-29 cents this week. Funds were sellers of 4,000 soybean contracts by mid-day and were also active sellers of soyoil and to a lesser degree soymeal. Weekly export sales report uneventful but China did buy 132 tmt U.S. old crop beans (that the trade expects to be rolled to new crop.) Brazil’s production estimated at 96.1 MMT and Argentina’s at 60.0 MMT. There is talk of U.S. acreage increasing from previous estimates and planting progress is proceeding nicely in most areas. Wheat had a mixed week but did manage to gain 4 cents for the week. Dry weather in parts of Russia and too wet weather in the U.S. Plains and some concern over quality in the U.S. SRW crop allowed for some fund short covering this week.
The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.
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