Funds continued to buy into the Argentina dryness throughout the week again, up until Thursday in which a decent amount of moisture is forecasted to come into the area late Monday through Wednesday. With this news and funds looking to take some profits off of the table the markets started to retreat a bit from Tuesday’s highs. At the end of the week Corn was Down 3 cents, Soybeans ended 11 lower, Spring Wheat Down 48 cents, and Winter Wheat was 37 cents lower all off of the March futures. A majority of producer sales were seen after the jump in the markets made on Tuesday as futures and cash prices were being locked in for January, February, and March delivery. Target sales contributed to over 15% of the sales made on Tuesday and ended up being some of the best sales of the week.
A lot of Corn selling interest came in around the $6.25 nearby cash contract mark and the $5.95 New Crop Hedge-To-Arrive mark. Corn target interest is rather mixed with many looking to grab some New Crop 2012 hedge-to-arrives at $6.00 and $6.25 or some nearby delivery corn at a cash price of $6.50.
Selling interest in Soybeans was rather steady throughout the week, with a lot of sales being made at cash prices of $11.50 for nearby delivery and $11.25 for new crop delivery. Popular target points on Soybeans are for $12.00 cash for nearby delivery and New Crop 2012 delivery at the $12.50 and $14.40 futures fixed mark.
Producers interested in selling Spring Wheat were locking in bushels around the $8.00 cash mark, while Winter Wheat was being sold around the $6.50 cash mark. Spring Wheat targets are looking to sell some bushels at a cash price of $9.20 and better. While Winter Wheat targets are looking to capture a futures price of $7.25.
Aberdeen West Terminal is posting the best cash corn bid along Hwy 12 in South Dakota for April, May, and June delivery with a cash price of $6.12 for January delivery; with Redfield Energy only 2 cents lower for a cash price of $6.10. Cash corn carries are out to 14 cents for May delivery as nearby producer selling has increased.
Wheat Grower shuttle loading facilities along Hwy 12 are posting the best cash soybean bids for February delivery with a cash bid of $11.41. Cash carry within the soybean market remains rather flat.
Mellette and Redfield are posting the best Spring Wheat cash bids along Hwy 281 for June and July delivery with a cash bid of $7.97.
Alpena and Wolsey are posting the best Winter Wheat cash bids along Hwy 281 for April through August delivery with a cash price of $6.71 for April delivery.
For the week in local cash prices:
Corn – Nearby prices Decreased by 5 cents, New Crop 2012 prices Decreased by 11 cents;
Soybeans – Nearby prices Decreased by 13 cents, New Crop 2012 prices Decreased by 13 cents;
Spring Wheat – Nearby prices Decreased by 73 cents, New Crop 2012 delivery prices Decreased by 16 cents;
Winter Wheat – Nearby prices Decreased by 41 cents, New Crop 2012 delivery prices Decreased by 35 cents;
Upcoming dates to note:
- January 12th: USDA Grain Stocks Report @ 7:30am
- January 12th: USDA Crop Production Report @ 7:30am
- January 12th: USDA Supply and Demand Report @ 7:30am
- January 12th: Export Sales @ 7:30am
*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.