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

Quotes are delayed, as of September 30, 2022, 05:21:40 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 September 30, 2022, 05:21:40 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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Commentary

Both Locations dumping until 7pm today.  No WET Corn after 2pm at Bethany

 

Sep 29, 2022 

Futures’ trade started the session firm but quickly became mixed as month and quarter end positioning and profit taking developed. We also saw traders get their final positions in place ahead of tomorrow’s USDA quarterly stocks and small grains report. No major surprises are expected in this data, but that does not mean we will not see one. The technical side benefited trade today as commodities fell to oversold territory. A lack of demand remains the largest negative factor in the market. Global demand for US offers is declining and until it returns upside potential is limited, even with questionable yields. News that exporters are starting to pull bids as they do not believe timely deliveries due to low water levels will take place added to demand doubts. All eyes today were on Black Sea developments as Russia claims it will annex occupied regions of Ukraine tomorrow. This could change the entire outlook of the war. The bounce we had in equities is over and the dollar firmed today which again limited daily advances. 

 

Corn futures started out firm today but fell under weakness from the wheat complex. The most negative factor for corn remains poor demand both globally and domestically. On the global side we continue to see heavy pressure from Brazil with September exports at 5.1 million metric tons (mmt) compared to 2.8 mmt last year. Ukraine is also supplying the European Union with corn that the US was thought to cover. So far Ukraine has exported three-times as much corn to the EU as vessel loading remains constricted. A lack of Chinese buying is the most negative demand factor right now. The US cash market remains firm but as harvest progresses this support is fading as well. Argentine officials were out today and pegged their next corn crop at 50 mmt next year as acres shift to more profitable soybean production. 

 

Soybeans were firm today with a rebound in soy oil supporting the entire complex. Much of this was technical as fundamentally the soy complex has little fresh support. Overall demand is worrisome although we did see a favorable weekly sales total this morning. The favorable Argentine exchange rate on soybeans ends tomorrow which may elevate future US sales. It is believed that Argentina has sold 12.2 mmt of soybeans under this program, with China alone booking 60 vessels themselves for October/November delivery. The unknown is how much demand is left to satisfy after this. Palm oil firmed today which did benefit the soy complex. Argentina revised their new crop production forecast today with a crop size of 48 mmt. Brazil announced that they will be idling crush plants due to poor margins, and this may bring the US some product demand, especially if Argentina has oversold their inventory. 

 

A rebound in the US dollar pressured wheat to begin today’s session, but as the recovery faded, wheat was able to firm. We did see an increase in interest for US wheat from the Pacific Northwest today, but until sales are confirmed, the market will struggle. Ongoing drought in the US Plains remains supportive to wheat futures as well. The most attention in the complex is on the Black Sea where Russia will annex occupied Ukrainian territories tomorrow. This will put wheat stored in that region in Russian control and make its availability even more uncertain. Russian officials now claim their wheat production will total 101 mmt but this may include said Ukraine inventory. Buyers are showing less interest in Black Sea offers even though they are well below the global market. This is mainly from uncertainty of loading delays and shippers not willing to enter the region. 

 

Export sales for the week ending September 22nd were mixed. Corn sales for 2022/23 were at the high end of expectations at 20.2 million bu (mbu), but well below the volume needed on a weekly basis. Soybean sales were above expectations at 36.9 mbu with China being the leading buyer. Wheat bookings were at the low end of trade guesses with 10.3 mbu. Sales for the 2023/24 marketing year were split with corn sales at 6.3 mbu but small cancellations on both soybeans and wheat. 

Market Alerts

  Office Hours:  

Dalton City: 

Monday-Saturday: 7am-7pm

Sunday - TBD

Bethany: 

Monday-Saturday: 7am-7pm

Sunday - TBD

 

Dalton City

Bethany

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


Futures Markets
Quotes are delayed, as of September 30, 2022, 05:21:40 AM CDT or prior.
Local Weather
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Dalton City, Illinois (61925)

Current Conditions: Clear
Temperature: 41°F Dew point: 41°F
Humidity: 100% Pressure: 30.29 in. Hg
Wind: 4 mph From: Northeast

Forecast

Friday
Weather condition
Hi: 70°
Lo: 43°
Saturday
Weather condition
Hi: 73°
Lo: 43°
Sunday
Weather condition
Hi: 72°
Lo: 47°
Monday
Weather condition
Hi: 73°
Lo: 48°
Tuesday
Weather condition
Hi: 72°
Lo: 47°

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