It was an excellent way to bring in the New Year as we saw all grain commodities finish the week in the green on continued dryness in Argentina, which has been crippling the crops in the area. Throughout the week there was heavy producer selling, on account of many wanting to take advantage of these higher markets before this news fades away from the market and we possibly lose the bullish market tone. By the end of the week we saw Corn Up 27 cents, Soybeans were 35 cents Higher, Spring Wheat Up 5 cents, and Winter Wheat ended 42 cents Higher all off of the March futures.
- After an impressive rebound from the lows we had seen just two weeks ago, producers nationwide were locking in Corn again at values of $6.00 and better with a majority of producer selling coming in on Wednesday. Currently, a majority of Corn target interest is for New Crop 2012 delivery with many producers looking to lock in $5.95 and $6.25 and $6.80 futures fixed off of the December 2012 futures.
- Just like corn, a majority of producers were selling Soybeans over the past week, in particular on Wednesday as beans were showing signs of slipping after a 37 cent gain on Tuesday and a 10-day forecast map showing possible rains in Argentina. Producers looking to price some more Soybeans using targets are looking to capture $11.75 and $12.00 cash Soybeans for nearby delivery or $12.50 futures fixed for New Crop 2012 delivery.
- Producers interested in selling Spring Wheat bushels over the past week were locking them in at an average price of $8.65 with targets now placed around the $10.00 futures fixed mark. Then producers looking to lock in Winter Wheat bushels over the week were locking them in at an average cash price of $6.75. Winter wheat targets are placed at $9.00 cash for nearby delivery.
Aberdeen West Terminal and Redfield Energy are posting the best cash corn bids North of I-90 for Last Half January, February, and March delivery with a cash price of $6.25 for March delivery. Cash corn carries remain steady at a couple cents a month out to May delivery. Depending on the location a producer that contracts for May delivery can pick up around 11 cents over nearby delivery.
Wheat Growers shuttle loading facilities along Hwy 281 are posting the best cash soybean bids for April and May delivery with a cash bid of $11.40 for April delivery. The soybean market continues to remain flat for carries.
Mellette and Redfield are posting the best Spring Wheat cash bids along highway 281 for January, February, and March delivery with a cash price of $8.68. Alpena and Wolsey are posting the best Winter Wheat cash bids along Hwy 281 for April and May delivery with a cash price of $6.84 for April delivery.
For the week in local cash prices:
Corn – Nearby prices Increased by 23 cents, New Crop 2012 prices Increased by 22 cents;
Soybeans – Nearby prices Increased by 31 cents, New Crop 2012 prices Increased by 30 cents;
Spring Wheat – Nearby prices Increased by 5 cents, New Crop 2012 delivery prices Increased by 13 cents;
Winter Wheat – Nearby prices Increased by 42 cents, New Crop 2012 delivery prices Increased by 39 cents;
Upcoming dates to note:
- January 6th: Export Sales @ 7:30am
- January 6th: January Crop Estimates by Informa on Friday morning
*Always call a specific location for space and receiving capabilities.
*The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.