After what seemed to be an impressive start to the week on Monday, with some more speculator buying based on the Argentina dryness, only ended in heartbreak after the bearish USDA report on Thursday left many traders running from the grain market. At the end of the week Corn was Down 44 cents, Soybeans ended 38 lower, Spring Wheat maintained unchanged, and Winter Wheat was 10 cents lower, all off of the March futures. A majority of producer sales were seen after the move higher on Monday and pre-report positioning on Wednesday.
- A lot of Corn selling interest came in around the $6.15 nearby cash contract mark and the $5.80 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, $6.15, and $6.25 or some nearby delivery corn at a cash price of $6.40 and $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 February or March 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 $6.75 cash mark. Spring Wheat targets have producers 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 $7.27.
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 $5.78 for April delivery; with Redfield Energy only 3 cents lower for a cash price of $5.75. Cash corn carries around 13 cents for May delivery over January delivery.
Wheat Grower shuttle loading facilities west of Hwy 281 are posting the best cash soybean bids for April, May, and June delivery with a cash bid of $10.91 for April delivery. Cash carry within the soybean market continues to remain minimal.
Andover, Grebner, and Roscoe are posting the best spring wheat cash bids along Hwy 12 for June and July delivery, while Mellette and Redfield are posting the best Spring Wheat cash bids along Hwy 281 for June and July delivery, all with a cash bid of $7.73.
Wheat Grower shuttle loading facilities are the best posted cash winter wheat bids along Hwy’s 12 and 281 for April through August delivery with a cash price of $6.41 for April delivery at a majority of the shuttle loading facilities.
For the week in local cash prices:
Corn – Nearby prices Decreased by 44 cents, New Crop 2012 prices Decreased by 20 cents;
Soybeans – Nearby prices Decreased by 38 cents, New Crop 2012 prices Decreased by 10 cents;
Spring Wheat – Nearby prices were Unchanged, New Crop 2012 delivery prices Decreased by 16 cents;
Winter Wheat – Nearby prices Decreased by 10 cents, New Crop 2012 delivery prices Decreased by 6 cents;
Upcoming dates to note:
- January 16th: Grain Markets Closed for Martin Luther King, Jr. Day until 6:00pm
- January 20th: Export Sales @ 7:30am