Friday, October 22, 2021|
Closing Markets: Corn +6. Beans -3. Wheat +15.
United Prairie will be serving steak sandwiches on Wednesday, October 27th from 11am-1pm at Emery.
Corn futures finished higher, on the heels of a higher wheat market. Over 1100 hard red winter delivery receipts were cancelled late yesterday. This pushed KC wheat into sharp gains, with the December contract setting a new contract high. Minneapolis wheat for December set a new contract high as well, closing over $10.00. Chicago wheat closed at the highest level in a couple of weeks. Energies were back higher today, and the dollar was lower, which both seemed to stabilize grains as well. Corn news, by itself, was quiet today. Corn harvest is slowly progressing this week, although bean harvest has moved ahead of corn in many spots this week. Heavy rain potential is expected from Iowa and east starting this Sunday and most of next week. Argentina is estimated at 26% planted, up 3% for the week. Dry weather is still a concern in Argentina. Ethanol margins continue to be strong, thus helping keep support under futures. The October cattle on feed report showed on-feed supplies at 11.550 million bu., down 1% from a year ago. Despite the decrease, this is still the 2nd highest October supply number since began in 1996. The commitment of traders’ report will be out this afternoon. December corn closed 12 ¼ cents higher for the week. December wheat was up 14 ¾ cents for the week.
Soybeans closed 3 to 4 cents lower today but did try the higher side at a couple of points during the session. Malaysian palm oil finished weaker, which pressured bean oil as well. Higher energy markets and higher neighboring wheat and corn helped pull futures into positive territory, but hedge pressure ultimately closed beans lower. Bean harvest should continue in spots across the Midwest for the next couple of days, but next week looks like a bust due to heavy rain potential. There were no daily export announcements today as China has been quiet on the bean buying front. The weather still looks decent in Brazil and the planting pace is moving ahead quickly. Argentina needs some rain. November beans were up 2 ¾ cents for the week.
Have a great evening!!!!
Emery Manager & Originator:: Topflight Grain Cooperative, Inc.
593 Emery Rd :: Maroa, IL 61756
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