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.
Corn rebounded late in the session to close 1-2 cents higher. Funds were active sellers of 7,000 contracts by mid-day as they add to their short positions. Traditional funds are estimated short 100,000 contracts. Not much bullish in corn right now but RSI’s are oversold and the market was due a plus day. Can the U.S. farmer plant corn or what! 55% planted with the trade certain much more than that is in the ground. Increases for the week: IL 38%, IA 54%, MN 45%, MO 41%, NE 41%. Eastern corn belt did not post those increases and there is still an estimated 2 mln. acres to plant in the southeastern U.S. but the 7 day forecast showing rain in dry areas of the western cornbelt and lighter rains in areas that need to plant offset these issues. 6-10 and 8-14 day forecasts look good overall for crop development. Assuming 89 mln. acres of corn planted and 166 bpa, the U.S. could realize a 13.6 bln. bu. corn crop and total supply for 15/16 of 15.4 bln. bu., same as 14/15. Informa raised world crop production estimates for 14/15 and 15/16. U.S. Midwest states still battling bird flu issues.
Soybeans closed 8-10 cents higher nearby and 4-5 cents higher in new crop. Strength in soyoil continues to bolster soybeans, even as Chinese demand for SA soyoil is unconfirmed. Funds were buyers of 4,000 soybean and 8,000 soyoil contracts by mid-day but sellers of 2,000 soymeal contracts, partly on bird flu/less meal demand issues. Analysts expect a drop in soymeal usage due to bird flu in the Midwest. Still, SBM futures were $2.30 a ton higher today and SBO was up 42 cents. Overall good demand for world beans, the background noise regarding various strikes in Argentina, and the continued lack of producer selling interest in the U.S. (Brazilian producer remains an active seller,though) continues to support soybeans in spite of more than ample world supplies. Informa increased world soybean production 3.0 MMT in their latest estimate. U.S. soybean planting pace at 13% came in right in the middle of expectations. Wheat continues to struggle as the U.S. is non-competitive in world trade, U.S. and world crop prospects continue to improve. Russia also continues to talk of dropping export tax in mid-May. Wheat closed 5-6 cents lower. Kansas wheat tour this week.
HAVE A PREMIER DAY 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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