12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
Trading activity for organic corn is steady, but volume is light ahead of harvest deliveries. Prices are trading near $8.00 per bushel off the farm, and $1 higher at elevators. Despite the forecast for robust yields, it appears that harvest will be delayed until mid-October. Non-GMO Yellow #2 CIF moved lower last week, trading close to a $0.10 premium over conventional, as expected supply continues to overwhelm solid demand.
CBOT board prices have stabilized, after hitting lows at the end of August, as hedge fund covered their short position in futures and options, according to the latest Commitment of Trader’s report released for the date ending September 13th, 2016. Managed money reduced 31,600 contracts of short positions, while adding slightly more than 2,000 contracts to long positions.
Midwest organic soybean prices remain steady and continue to consolidate in the $17.50 – 18.00 per bushel range. Similar to corn, imports are offsetting the dearth of U.S. supply relative to demand. Volume has been light. Non-GMO soybean CIF are trading $0.75 – $1.25 above cash prices. There will still likely be a short supply of specific beans with certain protein levels, which could cause some price divergence.
Hard red winter wheat is seen with feed grade seen near $7.00-$7.25 per bushel, in light trading.
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