acoop.comAssumption Coop - Home

Toggle Navigation HOME MARKETSMARKETS Cash Bids Market Overview Charts Technical Charts Spread Charts Market Heat Map Ag Market Commentary USDA News & Reports CASH BIDS CASH BID HISTORYCASH BID HISTORY 2009 Cash Bids 2010 Cash Bids 2011 Cash Bids 2012 Cash Bids 2013 Cash Bids 2014 Cash Bids 2015 Cash Bids 2016 Cash Bids 2017 Cash Bids 2018 Cash Bids 2019 Cash Bids 2020 Cash Bids 2021 Cash Bids 2022 Cash Bids 2023 Cash Bids 2024 Cash Bids WEATHER HARVEST RATES & POLICIES CUSTOMER ACCOUNTS EMPLOYEE EMAIL CONTACT US CAREERS HOME MARKETS Cash Bids Market Overview Charts Technical Charts Spread Charts Market Heat Map Ag Market Commentary USDA News & Reports CASH BIDS CASH BIDS HISTORY 2009 Cash Bids 2010 Cash Bids 2011 Cash Bids 2012 Cash Bids 2013 Cash Bids 2014 Cash Bids 2015 Cash Bids 2016 Cash Bids 2017 Cash Bids 2018 Cash Bids 2019 Cash Bids 2020 Cash Bids 2021 Cash Bids 2022 Cash Bids 2023 Cash Bids 2024 Cash Bids WEATHER HARVEST POLICIES CUSTOMER ACCOUNTS CONTACT US EMPLOYEE EMAIL CAREERSASSUMPTION COOP GRAIN COMPANY ACCESS GROWER PORTAL Previous Next 5.13.24 Good afternoon. After a slightly lower to start to the week Sunday evening, markets at the CBOT picked up where they left off on Friday with corn, beans and wheat all three closing in the green. Global weather concerns and short covering continue to be the main catalysts for the board rally, with most in the trade realizing that bearish new crop numbers won’t be realized unless/until we have normal summer weather. CN closed Monday at 4.72 1/2, up 2 3/4. CZ was up a penny at 4.93. Both traded their highest levels since early January. SN closed at 12.19 1/2, up 1/2 cents. SX was up 6 1/2 at 12.12 1/4. WN was the upside leader, closing at 6.87, up 23 1/2 cents. This the highest price since last August. Products were mixed, July bean meal closed at 366.50, down $5.40/ton, and July bean oil closed at 45.15, up 71 points. This the fifth consecutive lower close in July meal. Livestock markets were mixed to start the week; June live cattle closed at 175.57, down 57 cents, August feeders were up 45 cents at 251.35, and June hogs closed 90 cents lower at 97.47. Outside markets are mixed/quiet, crude oil futures are trading 70-90 cents higher, the Dow Jones index is down 80 points, and the US$ index is down 5 points. Spreads were mixed, corn spreads were unchanged to 2 cents stronger, while soybean spreads were unchanged to down 6 cents. Both the CK/CN and the SK/SN closed unchanged at -14. The CU/CZ corn spread traded to its narrowest level since the middle of February. New highs in both old and new crop corn likely spurred additional farmer sales to start the week, which knocked futures back a few cents by the close. The million dollar question at this point is whether or not global weather has provided enough risk for fund traders to want to go long any of the three major crops. Wheat at this point is the closest to such a scenario, but it would likely take poor weather into the end of June before fund managers would be inclined to build such a position in corn or soybeans. Frosts in Russia have most privates lowering their estimate of the Russian wheat crop to somewhere around 85 mmt’s, which has caused managed money to cover shorts in recent days/weeks. It is thought that a sub-80 mmt crop would begin limiting new crop export potential. Crop progress this afternoon looks to show corn planting as of Sunday, May 12th at 49% complete. This would be up from 36% last week, but would still be behind the five-year average for this week, which is 54%. Soybean planting is seen at 39% complete, which would be up 14% from last week, and would be slightly ahead of the five-year average pace, which is 34%. Progress over the past weekend was likely heavier in the East than the West according to sources, as soils were generally dryer in IL/IN than IA/NE. Spring wheat planting is seen at 63%, up from 47% last week; and winter wheat condition is seen at 51% in the g/ex category, compared to 50% last week. Following the weekly crop update, the next data the market gets to chew on comes from CONAB at 7am central time tomorrow morning. Brazil’s equivalent to the USDA will give its latest monthly update on crops in the country, with most assuming the gap between the two groups on both corn and soybean estimates will remain historically far apart. Interesting to watch for will be what, if any, changes are made specifically due to flooding in Rio Grande do Sul and other areas in the far South. This morning’s weekly export inspections report for the week ending May 9th showed a good week of soybean loadings, while corn and wheat totals were a little more on the sluggish side. Corn inspections were seen at 938k mt’s, compared with expectations of 575k-1.45 mil mt’s. While within trade expectations, this was the lowest weekly corn inspection total in the last 13 weeks. Mexico was once again the featured buyer for the week. Current pace is still 30% ahead of last year. USDA also bumped up old crop exports by 50 mil bu on Friday. Soybean inspections were seen at 406k mt’s, which was above trade expectations of 200k-400k mt’s. Soybean inspection pace for the week was more than double same week last year. Featured buyer for the week was Egypt. Current cumulative pace is down 18% from last year. And wheat inspections were seen at 366k mt’s, which was within expectations of 275k-500k mt’s. Totals were slightly above both last week and last year. Featured wheat buyer for the week was China. Current pace is running 6% behind last year. Lost in Friday’s COT report was that while managed money traders in the grains and oilseeds arenas were heavily covering short positions, managed money traders in the petroleum complex were heavily selling crude oil derivatives, to the tune of their biggest selling week in the last 12 months. Hedge funds and other money managers sold the equivalent of nearly 143 mil bbls in the six most traded petroleum-related derivatives contracts, bringing their net position to long 420 mil bbls. This was the fourth consecutive week of selling, which has dropped the managed money long by nearly 265 mil bbls since the beginning of April. The selling interestingly comes as the war in Gaza intensifies, and general hostilities in the broader Middle East continue to rise. The mid-day GFS run is slightly farther North with rainfall over the next week than this morning’s run, but forecasts are otherwise unchanged over the next 10 days. Models will continue to zig and zag with regards to exact precip amounts/locations, but the overall forecast of three total systems through the Midwest from now into the first part of next week remains the same. Temperatures will be average for the most part this week before returning to a warmer bias for all but the far Northern Plains into this weekend. On the global front, Russian wheat areas received some surprise rains over the weekend, but forecasts trended drier for all but the far South over the next two weeks. And 10-day temp anomalies continue to show temperatures some 5-10 degrees Fahrenheit below average in a lot of the growing region. The French forecast remains wet/very wet over the next 10 days; planting progress of the corn crop as of last Friday is seen at just 54% complete, vs 80+% on average. And the South American forecast continues to be wet in far Southern Brazil, though totals are beginning to lighten. No change on the temp side with Brazil continuing to run seasonably warm, while Argentina sees cold temps with frost potential for another five days before warming slightly next week.Quotes are delayed, as of May 14, 2024, 02:02:41 AM CDT or prior. Market News More News AgDay Markets Now: Brian Grete Says Wheat Continues to Lead Grains Higher Triggering Fund Short Covering AgWeb Mon May 13, 9:08PM CDT Possible tornado leaves trail of damage across southwest Louisiana town Fox Weather Mon May 13, 7:22PM CDT LAKE CHARLES, La. – A possible tornado tore a path across...