Please note the following hours at Rt. 16 Grain Cooperative’s locations are:
Monday thru Friday 7:30am to 4:30pm
Monday thru Friday 7:30am to 4:00pm
Monday thru Friday 7:30am to 4:00pm
Daily Market Comments
updated 12/4/2013 8:24am
Wednesday December 4th, 2013 Good Morning!
Good morning. Corn, beans, and wheat are mixed this morning as light short covering supported the overnight trade. There is talk that more U.S. corn has been rejected by China due to the presence of corn containing an unapproved GMO trait. Exporters say that they may not be able to make additional sales to China given the fact that about 10% of the U.S. corn crop contains this trait. All of this is happening amid China’s record corn production this year and food safety scares which have reduced consumption of meat. China has too much corn and needs a way to reduce imports at least in the short run. Soybeans finding some user buying and short covering after breaking 35 cents in the last two trading sessions. Wheat firm on worries over cold weather It looks like we will see prices on either side of yesterday’s close during today’s trade.
Market Trend—Corn, Up 1-2; Soybeans, 5-6 Higher; Wheat, 2 to 3 Higher
Corn futures ended the session firmer, despite talk that China rejected an additional 50 containers of U.S. origin corn, as short covering drove prices higher. The 2 week forecast for the Midwest is calling for cooler than normal temperatures and near to below normal precipitation. Current forecasts are predicting that the Midwest will see cooler than normal temperatures for the balance of December. Basis Update: December CIF basis was weaker while January and February were slightly firmer. Processor basis remained steady. Nearby barge freight was weaker. Producer selling remained quiet. Spread Update: The last trading day for December futures is the 13th. The CZ/CH widened out to a 10 cent carry during the session yesterday but ended the day at -9 ¼.
Soybean futures ended the session mixed. Beans started the day weaker on pressure from favorable weather conditions in South America coupled with rumors that a Chinese bean importer was looking to wash out of at least 6 cargoes of January soybeans. However futures were able to rebound and trade slightly higher on fund short covering for a good portion of the day Basis Update: CIF bean values were slightly better nearby while Processor values were mostly steady, with the exception of one eastern IL processor that dropped their nearby posted bid a couple cents. No new trades to report. Spread Update: The SF/SH ended the session unchanged. The percentage of logistical capacity dedicated to beans in December and January may have an impact on how much other business can be accomplished. The lineup in the PNW continues to grow to the point some are beginning to wonder how they will be able to execute what they have on the books for the next 60 days. This can support the center gulf in the short run, but in the case of beans the deeper you get into January the more risk you run of cancellations. We hear from one larger commercial that the BN railroad continues to struggle and it will be near impossible to make any headway through the winter with their backlog of trains.
It is all about world wheat right now as the Euronext market rose to 6 month highs and China futures are near all-time highs as Chicago closed up +.0725 at 6.69 for March futures. Technically yesterday’s chart looked pretty ugly, but today seemed to show a glimmer of hope. We are going to a neutral bias until it breaks out of the trading range from yesterday.
You can now access your account information, such as settelment sheets, contracts, etc. Just call the Nokomis office and get your login and password. After you get your login information, go to: http://pass.verticalsoftware.net/route16
FARM BUDGET WORKSHEET - Rt. 16 Grain Cooperative vn has put together this farm budget worksheet, a tool to assist producers in their decision making. The worksheet will only be as accurate as the information that you put into it. Contact Gretchen with questions! [ Download ]
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In 1946 the USDA developed a technique to produce high-quality frozen orange juice concentrate