Patti Uhrich

Sep 13, 2021

Highlights

The grain and oilseed complex saw mixed trade today with corn, soybeans, and Chicago and Minneapolis wheat all closing slightly lower.  Kansas City wheat was slightly higher.   Cattle and lean hog futures were lower. The energy complex was higher.  

  • September futures expire tomorrow (Sept. 14) at noon CDT.
  • USDA reported a sale of Soybeans to Unknown in the amount of 132,000 metric tons (4.85 mil. bushels)
  • Corn and soybean inspections were on the low side this morning as loadout facilities are still offline due to Hurricane Ida.
  • The Dow was higher today 34,759.49, up 151.77 as of 1:51 p.m. CDT.
  • The energy markets were higher with October crude at 70.56. 
  • US$ higher at 92.72, S&P futures are 3 pts lower at 4456.75 pts, gold is $2.00 higher at $1,792.00 per ounce.

Corn

The corn market closed lower on harvest pressure.

  • Closes: Dec. 21 at $5.13 ¼, dn 4 ¼ cents, March 22 at 5.22 dn 4 ½, Dec. 22 at $4.98 ½, dn 2 ¾.
  • Crop progress: Corn 58% G/E, dn 1% from last week; Dented 87%; Mature 37%; Harvested 4%.
  • Estimated fund activity -4000 contracts.
  • Dec. Corn 50-day MA @ 5.45 ½, 100-day MA @ 5.56, 200-da MA @5.05 ¾.
  • Spreads: Z/H 9 cent carry, Z/K 14 cent carry.

 Oilseeds

The soybean market closed slightly lower as harvest has started with near-record yields expected.  

  • Closes: Nov. 21 at $12.84 ¾, dn 1 ¾, Jan 22 at 12.93 ½, Nov. 22 at $12.58, up ½.
  • Soyoil - October at 55.80 slightly higher; Soybean Meal - October at 341.5 up 2.0.
  • Crop progress: SB 57% G/E unchanged from last week; 38% dropping leaves.
  • Estimated fund buying in beans -2000 contracts, Soymeal +1000 contracts, and Soyoil +2000 contracts.
  • Nov. SB 50-day MA @13.34 ½,  100-day MA @ 13.53, 200-day MA @ 12.62 ½.
  • Spreads: X/F 8 ¾ cent carry.

 Wheat

Wheat was lower on easing supply worries. 

  • December closes: Mpls at $8.76, up 2 ¾ cents, KC at $6.86 ¼. up 3 ¾, Chicago at $6.87, dn 1 ¼ cents.
  • Crop progress: Winter Wheat 12% planted.
  • Estimated fund activity in wheat showed -2000 contracts.
  • December Mpls wheat support 8.61 ½, Resistance 8.87 ¼, Contract high 9.37 ½.
  • December KC wheat support 6.75 ¾,. Resistance 7.03. Contract high is 7.69.
  • Spreads: Mpls Z/H 9 ½ inverse, Kansas City Z/H 8 ¾ carry, Chicago Z/H 10 carry.