Until further notice, access to all Assumption Coop. Grain Company offices will be for employees only. All business will be conducted via phone, electronic communication, or mail. If you would like to pick up a check or paperwork, please contact us, and someone will bring it outside to you. We ask that all truck drivers stay in their trucks when delivering or loading out grain.
Futures
@C - CORN - CBOT
Month
Last
Change
Open
High
Low
Close
Time
More
Jul 21
731'0
13'4
719'0
735'2
715'4
732'2s
02:36P
Sep 21
653'2
9'2
646'4
656'0
638'4
654'6s
02:30P
Dec 21
636'0
11'0
627'4
638'0
618'2
636'4s
02:48P
@S - SOYBEANS - CBOT
Month
Last
Change
Open
High
Low
Close
Time
More
Jul 21
1589'6
20'2
1566'2
1599'4
1562'2
1589'6s
01:30P
Aug 21
1537'4
21'6
1512'4
1547'0
1509'4
1537'4s
01:30P
Nov 21
1431'4
24'4
1409'0
1443'2
1406'4
1433'4s
02:48P
@W - WHEAT - CBOT
Month
Last
Change
Open
High
Low
Close
Time
More
Jul 21
763'0
8'4
753'2
767'4
745'2
761'6s
02:38P
Sep 21
763'6
8'0
755'0
767'4
746'6
762'2s
01:30P
@YM - E-MINI DOW JONES $5 - CBOT
Month
Last
Change
Open
High
Low
Close
Time
More
Jun 21
34677.00
235.00
34449.00
34724.00
34366.00
34442.00
02:48P
My Custom Markets
Symbol
Last
Change
Open
High
Low
Close
Time
More
Closing Market Comments
5-6-20
Corn
Good afternoon. Another day, another new high. CN closed 10 cents higher and CZ closed 21 cents higher. Funds were estimated buyers of 6,000 contracts at mid-day (surely higher) to add to an estimated long position of 424,000 contracts. OI is heaviest in CN, CU, and CZ as would be expected, but it seems new buying interest is gravitating to CZ. If the market’s job is to ration demand with higher prices, it seems it would take the nearby as seriously as the deferred. CN is technically overbought with an RSI of 86, but it made it to 91 in mid-January and that was good for only a brief break. Continuing dry weather pushes Brazil corn production lower with another estimate out in the sub 100 camp at 95 MMT, and there are aggressive estimates in the sub 90 range. China thought to have picked up 2.0-2.5 MMT of new crop corn recently and buying interest showing up in the AMJJ22 slot is bullish new crop corn as well as old crop corn as it seemingly confirms that China will load out all current purchases (467 mln. bu. currently in unshipped sales). Weekly export sales were a bit disappointing at 5.4 mln. bu. but bring YTD commitments to 2.671 bln. bu. vs. 2.675 bln. bu. projected by USDA. Most of the weekly sales were switches from the unknown to known category. Export projections are expected to rise in the May S&D with some estimates approaching 3.0 bln. bu. due to export pace. Argentina sharply undercutting U.S. offerings must be considered, though. 21/22 will be interesting to see if U.S. corn makes its way to Brazil this winter.
Soybeans
Soybeans closed roughly 27 cents higher in both old and new crop today with active fund buying in SB, SBM, and SBO. RSI on SN now at 72, so even with the run-up they are just now in overbought territory. Funds were buyers of at least 10,000 soybean contracts at mid-day as they add on to their estimated long of 183,000 contracts. The sharp rally in soybeans tied to rapid corn planting and fading thoughts of additional bean acres being found at the expense of corn acres. We may yet see an increase though, but probably more so in the western belt. Strong soybean futures continue to be the supported by sharp basis and concerns over both the 20/21 and 21/22 balance sheets. Weekly export sales were a bit better than expected at 6.1 mln. bu. with “unknown destinations” the main buyer. YTD commitments at 2.252 bln. bu. are just 28 mln. bu. below current USDA projections. 21/22 sales at 7.1 mln. bu. and bring next year’s commitments to 251 mln. bu. Low water levels on the Parana River in Argentina continue to get attention from a logistics/freight cost standpoint.
News from the Coop
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