Office Closure

The offices of DFE will be closed on Monday, January 17, 2022 in observance of the Martin Luther King, Jr holiday.  The CME markets and banks will be closed.  The offices of United Prairie will remain open. 

The offices of DFE will re-open to the public as normal on Monday.  For full disclosure, employees in the office and in the field are not wearing masks, whether fully vaccinated or not.  Please use your own judgment in wearing one as you visit the office.  If you have been exposed to persons who are Covid positive, please remain quarantined per current CDC guidelines.  Be well.  

 

Been Thinking...

"Agriculture is our wisest pursuit, because it will in the end contribute most to real wealth, good morals, and happiness."

Thomas Jefferson

DFE Cash Bids
Notes Delivery Start Delivery End Cash Price Price Change Basis
Corn
Soybeans

Quotes are delayed, as of January 23, 2022, 06:19:30 AM CST or prior.
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
Oct 12 WASDE Report

Outside Markets
Quotes are delayed, as of January 23, 2022, 06:19:30 AM CST or prior.
Tuesday Morning Commentary

8:35 Market Direction:  Corn unc-+1, Beans down 5-6.

Overnight markets opened higher in corn and beans, lower wheat.  Corn and wheat are both slightly higher, beans lower currently. 

Market is one day away from the Jan report, CONAB numbers released this morning showing a significant drop in their total Brazil corn production (see summary below) with a 4.2 MMT drop from their Dec report – close to 3 MMT lower than the average trade guess expected for tomorrow’s report.  Note that the safrinha crop estimate was left unchanged. CONAB also cut 2.3 MMT off Brazil bean production to 140.5 which is far less of a cut than the average trade guess out for tomorrows report.  Markets await tomorrow’s report and continue to monitor South American weather changes again today.

Fairly light overnight global trade news.  It’s reported that Nonghyup Feed of South Korea bought 130,000 mt of feed grade Corn, paying $333.65/mt cf for the cargoes, arrival in April 2022.  Korea Feed Assoc. bought 129,000 mt of optional origin feed Corn in a snap tender today.  They reportedly paid $338.35/mt for one consignment, and $335.30/mt cf for the other.

Note in yesterday’s export inspections report, another disappointing week for U.S. soybean shipments to China.  21.2 versus a revised 29.9 LW (from 27.5) and well below LY’s 40.0 figure. YTD shipments trail LY by 263/26%. USDA forecast to all destinations is for a 215 decline.

Brazil's CONAB January 2022 Report 21/22

  • Total Corn production 112.902 mmt; prior report 117.181
  • 21/22 1st Season Corn: 24.786 mmt; prior report 29.06
  • 21/22 2nd Season Corn: 86.259 mmt; prior report 86.259
  • 2022 Rpt 21/22 Corn exports 36.68 mln mt; unchanged
  • 2022 Rpt 21/22 Soybean prod.: 140.499 mmt; (142.789)
  • 2022 Rpt 2022 Soybean exports: 89.3 mmt; LY 90.67
  • 2022 Rpt 21/22 Cotton production: 2.7 mmt; (2.612)
  • 2022 Rpt Cotton planted acres: 1.497 mln hectares

MACRO:  U.S. futures are higher this morning, banks expected to benefit when Fed lifts interest rates.

Weather/T-storm Highlights:  Extreme heat develops through Saturday in Argentina, while strong heat affects southern Brazil and Paraguay through Monday. A cool front brakes heat Sunday-Tuesday (Jan. 16-18), but it is less likely for it to fully clear southern Brazil and Paraguay next week (allowing above-normal temperatures to continue), and more likely for Argentina to turn much warmer after five days of moderate coolness next week. The approach of cool air triggers t-storms in each region early next week, and some follow in an unclear manner in the warmer period 10 to 14 days out, most likely resulting in 1.00” to 3.00” over the 14 days (compared to normal rainfall of 2.25” to 3.25”).

All eyes focused on decreasing South American crops.

Markets again sees red to begin the day.  Closes?

Covid effects and Fed rate change today's focus.

2021 Crop Insurance Prices

Corn - $4.58 Spring    

Beans - $11.87 Spring    

 

Managed Money Activity

Grain Acceptance Policy

Danvers Farmers Elevator will not accept grain containing transgenic events that are not approved for U.S. Export Markets including, but not limited to, Canada, China, South Korea, The European Union, Japan and Mexico.

 

CME Futures Markets
Quotes are delayed, as of January 23, 2022, 06:19:30 AM CST or prior.
Information gathered for this website is thought to be from reliable sources, but cannot be guaranteed as to its accuracy or completeness by DFE.


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