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Dalton City
Delivery Start Delivery End Cash Price Basis Futures Price Futures Change
CORN
SOYBEANS

Quotes are delayed, as of April 15, 2024, 11:22:05 AM CDT or prior.
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
Bethany
Delivery Start Delivery End Cash Price Basis Futures Price Futures Change
CORN
SOYBEANS
WHEAT

Quotes are delayed, as of April 15, 2024, 11:22:05 AM CDT or prior.
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
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Cash Bid Update - Heritage Grain

Free DP for on farm Corn & Soybeans.  Priced By Aug 31

 

April 12, 2024

Good afternoon. Happy Friday. Markets ended the week on a firm note at the CBOT, led higher by increased Middle East tensions going into the weekend. This likely caused some end-of-week short covering this morning, with traders not wanting to be caught too short should something happen over the weekend. Weather and Monday afternoon's planting progress update look to be the main features in the row crop markets next week.

 

CK ended the week at 4.35 1/2, up 6 3/4. CZ closed at 4.72 up 6 cents. Both were near the highs of the week. SK closed at 11.74 up 14 3/4. SX was up 12 cents at 11.76 1/4. WK closed at 5.56, up 4 1/4. Products were mixed, May bean meal closed at 344.40, up $8.80/ton, while May bean oil closed at 45.89, down 13 points. Livestock markets made new lows to end the week; June live cattle closed at 171.47, down $2.42, May feeders closed at 234.20, down $3.95, and June hogs closed at 102.07, down $3.72. Outside markets are mixed, crude oil futures are up 50-60 cents/bbl, the Dow Jones index is down 500 points, and the US$ index is up 75 points.

 

For the week: May corn was a penny and 1/4 higher, Dec corn was down 1/2 cent, May beans were down 11 cents, Nov beans were down 8 1/2 cents, and May Chi wheat was down 11 1/4 cents.

 

USDA this morning announced daily sales of 124,000 mt's of soybeans to unknown destinations for delivery during the 2023/24 marketing year. Of note, this is the third daily soybean sales flash this week, and the fourth of April.

 

A Wall Street Journal article this morning claiming an Iranian attack on Israel was likely in the next two days caused a broad-based pop in commodity prices. Crude oil futures traded to six-month highs on the news, and pulled the rest of the commodity space higher. Gold futures also made new highs on the day before reversing course and finishing the week lower. Ongoing geopolitical tensions likely keep the funds from getting too carried away in either direction in the short term.

 

This afternoon's CFTC commitment of traders report showed managed money traders were sellers of 3,998 combined contracts of corn futures/options, and were sellers of 1,054 combined contracts of soybean futures/options in the week ended April 9th. Managed money is now seen short 263,554 contracts in corn, and short 139,310 contracts in soybeans. This is the second consecutive week of rather marginal changes in the managed money positions.

 

Crop conditions were stable in Argentina in the past week for the soybean crop, but showed further disease damage to the corn crop. Soybean g/ex ratings were seen at 31%, compared to 30% the week prior; normal was down 2 % to 47% and p/vp was up 1% to 22%. For corn, g/ex was up 2% on the week to 19%, but p/vp was down 4% and is now seen at 36%. Normal was down 6% to 45%. Disease damage from bacteria has been a late-season problem for the Argentine corn crop.

 

NOPA will release its soybean crush estimate for the month of March on Monday. The report is expected to show a crush rate at a record 197.787 mil bu of soybeans. This would be a 6.2% increase from February's reading, and a 6.4% increase from March of last year. The estimate implies daily crush at a rate of 6.380 mil bu/day, down slightly from the record 6.420 bu/day set in February. Soybean oil stocks are seen at 1.792 bil lbs, up 6% from 1.690 bil in February, but down 3.2% from March of last year.

 

Financial markets ended the week on a sour note as sticky inflation and strong jobs data have traders and economists wondering when, if even at all, we will see our first rate cut of the year. KC Fed President Jeff Schmid said on Friday the US central bank shouldn't be weighing rate cuts at this time because inflation had not reached the 2% target. He also cited tight labor markets as a reason policy should remain restrictive.

 

Weather forecasts were slightly drier for the Eastern Midwest at mid-day but were otherwise unchanged from the overnights. The plains and western half of the US remains mostly dry over the next 10 days, with the best chances at precip seen in the Great Lakes region and upper Northeast. Temps will be above to much above average in the next week, before the models see one more shot of cool air for the Eastern half of the US in the April 20th timeframe. Beyond here, the pattern looks to turn warmer and drier for much of the corn belt, expediting the planting process.

 

South American models continue to move rain further South into Argentina, with a dry pocket now seen for the central part of Brazil over the next week. Southern areas of Parana and MGDS have been some of the driest of late, and rains will be beneficial for the later planted safrinha corn fields. Eastern Brazil has trended slightly warmer at mid-day, but is not concerning amid recent rainfall.

 

We will see if any changes are seen to the forecast over the next 48 hours. Coming weeks look to be highly dependent on weather and fund flows, as the US farmer is likely an unwilling seller of stored grain without a rally once the planters get rolling. Have good weekend!

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Dalton City & Bethany

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Dalton City

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Contact Us
Heritage Grain Cooperative
PO Box 12
Dalton City, IL 61925
217-874-2392 Dalton City
217-665-3392 Bethany
217-727-6081 Fax 
 
dale.plumer@heritagegrain.com


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