MID-CO
,```
1:15 PM
AFTERNOON
MARKET INFORMATION
1-800-322-9371 ILLINOIS
1-800-422-0896 IOWA
Monday, October 27, 2014
CORN
BEANS
Corn traded near a one week low in the overnight session but
was able to rebound and end the day a dime higher. Spillover
strength from sharply firmer soybean futures combined with
talk of slow farmer selling and thoughts that more money is
flowing into the grains from the financials was seen as
supportive. As of midday funds were estimated to have been
net buyers of approximately 8,000 contracts of corn. This
afternoon will bring updated harvest progress numbers. The
anticipation is for roughly 45% of the U.S. corn crop to be
harvested. Last week 31% was estimated to be complete.
Light rainfall is expected to fall across the cornbelt later today
and tomorrow. The weather then looks to be mostly favorable
for harvest activity over the next two weeks. Weekly corn
export inspections for the week ending October 23rd came in
this morning at 27.7 mln. bu. Season to date export
inspections are roughly 30% above year ago totals. The next
USDA Supply/Demand report will be released on November
10th. Analyst estimates should begin to come out around
November 3rd for that report.
Basis Update: CIF corn was unchanged today as was most
processor basis. Barge freight remains stout and there does
appear to be more talk regarding rail car delays in the market.
No new trades to report.
Spread Update: Corn spreads were mostly unchanged. The
CZ/CH closed at -13 ¾. Without an increase in cash movement
this spread could continue to trade between -13 to -14.
Despite November beans trading below their 50 day moving
average in the overnight session, futures were able to
rebound and end the day 28 ½ cents higher. A lack of follow
through selling near session lows coupled with strong
weekly export inspections and additional sales to China and
an unknown destination were seen as supportive. Export
inspections for the week ending October 23rd came in this
morning at 80.7 mln. bu. Seasonally, this marks the high for
U.S. bean exports and is near the record weekly pace set a
year ago at 85.5 mln. bu. Season to date exports stand near
300 mln. bu. In addition, the USDA announced a sale of
220MT’s of beans to China and 100MT’s to an unknown
destination. This afternoon will bring updated weekly
harvest progress numbers. The anticipation is for the U.S.
bean harvest to be approximately 75% complete. Last week
the USDA estimated that 53% of the soybean crop had been
harvested. Needed rain fell across the northern and central
areas of Brazil over the weekend with more forecast across
their growing areas this week and next. Roughly 16% of
their crop is estimated to be planted. Argentina is at the
beginning of their planting season with rain forecast for the
middle of this week.
Basis Update: CIF beans were weaker today while processor
basis was mostly steady to a touch firmer. Slow farmer
selling continues to support nearby bean basis. Meal basis is
also finding support from rail logistical issues. No new
trades to report.
Spread Update: The SX/SF weakened a penny today to 6¾. First notice day for November futures is this Friday,
October 31st.
CZ
3.63
CH
3.76 ¾
CK
3.85 ½
Corn Spreads
Settle
CZ/CH
CN
3.92 ¾
SX
10.06
SF
10.12 ¾
SH
10.19 ½
Change
Soybean Spreads
Settle
Change
-13 ¾
+0
SX/SF
-6 ¾
-1
CZ/CK
-22 ½
-¼
SX/SH
-13 ½
-1
CZ/CN
-29 ¾
+0
SF/SH
-6¾
+0
Oct
Nov
Dec
Wheat Spreads
CIF Corn
+68 Z
+70/+74 Z
+79 Z
WZ/WH
- 13 ¾
-½
CIF Beans
+119 X
+118 X
+110 F
WZ/WN
-29
-½
IL River Freight %
900
825/700
625
Mid. Miss.
925
850/725
---
St. Louis
SR
775
700/600
500
SK
10.25 ¾
The information contained in this report is believed to be reliable but is not
guaranteed to accuracy or completeness by MID-CO COMMODITIES, INC.
or GROWMARK, Inc. This report is provided for informational purposes
only and is not furnished for the purpose of, nor intended to be relied upon for
specific trading in commodities herein named. This is not independent
research and is provided as a service. As such, this is considered a solicitation.