Soybean Oil Morning Market Review Dec 7th 2018

Morning Market Review for December 16, 2021

Sparse holiday trading volumes effect in niggling price action for corn, soybeans Corn down one cent Soybeans mixed; Soymeal up $2.80/ton; Soyoil down $0.53/lb Chicago wheat 1-3 cents; Kansas City wheat upward 2-5 cents; Minneapolis wheat mixed *Prices as of six:55am CST. Writer's Notation: The Farm Futures team is conducting our tri-annual farmer survey with our readers to estimate 2021 production and 2022 acreage. The survey results are widely regarded in the market and are available to farmers looking to make pro-active marketing decisions leading up to the January 2022 WASDE report issued by USDA. Want to participate in our farmer survey? Click hither to share your farm's insights, which will remain confidential. Results for 2021 product volition be released online in early January and 2022 acreage estimates will exist announced at the Farm Futures Business Summit in Coralville, Iowa too every bit online on January 20. Thank you! -JH Corn Again, information technology was some other slow night on the overnight desk-bound with a lot of recycled headlines from yesterday. Corn futures traded $0.01/bushel lower, holding resistance at the $5.xc/bushel benchmark. Soybeans Soyoil futures backed off yesterday'south gains on a round of profit-taking overnight. Merely soymeal prices continue to rally amid strong domestic need. The sentiments pulled quondam crop futures $0.03-$0.04/bushel higher overnight though new crop futures lost a penny. Wheat Tenders from Taiwan and Iran drove international involvement in wheat during the overnight trade. Merely concerns well-nigh the U.S. crop are becoming increasingly significant factors in the wheat markets, despite favorable forecasts for crops in the Southern Hemisphere. A weaker dollar also helped prop up gains in the wheat complex, where futures prices traded $0.01-$0.04/bushel higher overnight. Dry weather in Argentina earlier in its growing flavour had led many market watchers to believe that the Due south American country's crops would face yield damage for the 2021/22 growing season. But the Buenos Aires Grains Substitution announced yesterday that nourishing rains expected over the next week could help increase 2021/22 wheat yields. The Buenos Aires Grains Commutation already has 771.5 one thousand thousand bushels of wheat projected for the 2021/22 harvest - a record high. Simply the looming forecasts suggests that it could raise its estimates farther, peculiarly if La Niña atmospheric condition patterns are kept at bay this winter. Argentina's Rosario Grains Exchange has the 2021/22 wheat crop pegged at 882.0 million bushels. USDA estimates the haul at a more modest 734.viii million bushels. Dry atmospheric condition in the Plains is increasingly coming into focus after Wednesday's turbulent wind events across the Heartland. Look markets to become increasingly sensitive to drought readings, especially as spring planting season closes in. "HRW (difficult red winter wheat) regions of the Us are experiencing extreme winds. Quite what that volition do to immature crops in the region, many of which were already in poor or worse status, is unknown for now," Tobin Gorey, director of agricultural strategy at the Commonwealth Depository financial institution of Australia, told Reuters overnight. "The winds are precisely the kind of event that poorly established crops are vulnerable to until snow cover arrives." Drought monitor results updated yesterday found 73.95% of the U.Southward. is in some sort of abnormally to historically dry condition. This is non just concerning for winter wheat production, but also for the fate of 2022 corn, soybean, spring wheat, cotton wool, sorghum, and other crops and prices. I wrote an assay near wheat conditions in the Plains in yesterday'southward written report. I'm repeating it here not simply because it was a slow news night, but also because I firmly believe this could get a meaning market event in the coming weeks. While I certainly hate to complain near nice weather in December, unseasonably warm and dry weather weather condition in the U.S. Plains could threaten winter wheat yield potential in the region. The conditions patterns have left the young crop with shallow root systems and smaller plants. Warmer temperatures accept as well delayed the start of the ingather's cardinal dormancy stage, entered during the winter months earlier resuming growth in the spring. To be sure, favorable conditions atmospheric condition in the spring could ensure that electric current adverse ingather weather condition are offset in terms of yield potential. But while the crop is far from being a failure, it lacks some of the key characteristics to increase its resiliency to more agin winter conditions which are inevitable in the coming months. "Dry soils and lack of snow cover will make wheat more susceptible to harsh winter weather condition, so that volition be watched," Justin Gilpin, chief executive of the Kansas Wheat Commission, told Reuters. Traders are likely to become increasingly bullish as winter wheat ingather conditions in the Plains go along to deteriorate over the coming weeks, especially with no end in sight for the dry and warm weather. "It does await similar the risk for winterkill to the winter wheat is probably slightly higher than normal," Jonathan Porter, main meteorologist for AccuWeather, told Reuters. The lacking snow encompass paired with persistently freezing temperatures "tin certainly damage the winter wheat crop in the area from Nebraska to Texas." Weather The Northern Plains will likely see scattered snow activity today, according to NOAA's curt-range forecasts. The snow system will drift into the Upper Midwest late this evening through tomorrow afternoon. Rains are likely to go along lingering through the Eastern Corn Belt this night into tomorrow evening. More precipitation is expected to favor the Southern Plains and Eastern Corn Belt in the next 24 hours, where an inch and a half of accumulation is expected in the side by side 24 hours. The snow showers in the Northern Plains and Upper Midwest volition probable only effect in no more a quarter inch of precipitation. Inputs (U.South.) The Illinois USDA'due south Department of Ag Market News Service released its bi-weekly report on Illinois production costs yesterday. While production costs across the Midwest remain elevated, farmers can take some comfort in the fact that prices have begun to plateau over the past couple weeks. Anhydrous ammonia prices connected higher in yesterday's study, rising to $i,445/ton, but the rate at which the toll increase actually slowed from previous weeks. For the two weeks ending December xvi, anhydrous prices in Illinois only rose 0.7%, a stark dissimilarity to skyrocketing prices over the last two months. Prices for urea and UAN in the Land of Lincoln actually decreased over the past two weeks every bit meridian fall fertilizer applications wrapped upward for the year. Prices for both products remain 2.5 times college than a year agone. DAP prices saw the largest proceeds over the two-week reporting menstruum, rise $17.14/ton to $842.86/ton. MAP quotes were left unchanged during the same fourth dimension bridge. Despite growing geopolitical turmoil in top potash producer Belarus over the past two weeks, potash prices in Illinois were largely unchanged over the past ii weeks. Natural gas prices are flirting with July 2021 lows. Barring some other cold snap beyond the Northern Hemisphere this wintertime and provided Russian federation continues to play nice with its European trade partners (and not invade Ukraine, fingers crossed), the easing natural gas costs could help pull downwards nitrogen fertilizer prices. European ammonia product has come up back online over the past calendar week, thanks not only to the lower natural gas costs but also surging fertilizer prices. And with some of the seasonal demand pressure behind producers in the Northern Hemisphere, these factors could combine to help reduce some of the growing pressure farmers are facing on the cost component of the profit equation. Inputs (Global) China's statistics bureau estimates that the country's fertilizer output for November 2021 fell 4.1% below year-ago production levels every bit factories fight to compete for deficient free energy supplies. Equally the world's largest importer of food and ane of the earth's tiptop fertilizer producers, this news could add more pressure to product expenses across the world especially if the wrinkle in China's fertilizer industry prevents its farmers from accessing adequate fertilizer supplies next spring. China'due south state planner issued a statement yesterday saying that this is not probable to exist the case. Merely other countries who accept previously depended on Chinese phosphate and urea exports - similar Australia - continue to scramble for multiple new sources and pay high freight costs to ensure 2021 and 2022 product will be sustainable. That likely ways that the U.Due south. will continue to face increased contest for international fertilizer supplies this spring, peculiarly if there are any further supply chain issues in the coming weeks. Financials Surging COVID-xix cases and tightening monetary policy forecasts issued by key banks effectually the world this week led to a selloff in the tech sector overnight equally doubt begins to creep back into the markets. Due south&P 500 futures savage 23.73 points (0.51%) to $iv,63.50 on the news. Also worth a read on our website, FarmFutures.com: Still sitting on old crop corn? Naomi Blohm has a few ideas about how to plow it into quick cash. Dec is a rare repose trading month, Bryce Knorr points out. But hither's what to expect for after Christmas vacation ends. Roger Wright suspects the peak is in for fertilizer stocks. A volatile economic environment is the but certainty in 2022. Find out if your farm's financial health can weather the new year's turmoil by joining us for the Subcontract Futures Ag Concern Superlative on Jan 20-21, 2022 in Coralville, Iowa! Morning Ag Article Prices - 12/17/2021 Contract Units Loftier Low Last Net Alter % Change MAR '22 CORN $ / BSH  5.925 5.8925 5.9075 -0.005 -0.08% MAY '22 CORN $ / BSH  v.9375 5.9075 5.9225 -0.005 -0.08% JUL '22 CORN $ / BSH  5.9275 v.8975 5.9125 -0.005 -0.08% SEP '22 CORN $ / BSH  5.63 5.6125 5.62 -0.01 -0.18% December '22 CORN $ / BSH  v.4775 five.45 5.4625 -0.01 -0.18% MAR '23 CORN $ / BSH  v.55 v.525 5.535 -0.01 -0.18% MAY '23 CORN $ / BSH  5.56 5.5525 five.56 -0.01 -0.18% January '22 SOYBEANS $ / BSH  12.8475 12.7475 12.8075 0.035 0.27% MAR '22 SOYBEANS $ / BSH  12.855 12.76 12.825 0.0425 0.33% MAY '22 SOYBEANS $ / BSH  12.91 12.8225 12.8825 0.0425 0.33% JUL '22 SOYBEANS $ / BSH  12.97 12.8775 12.94 0.0375 0.29% AUG '22 SOYBEANS $ / BSH  12.815 12.815 12.815 -0.0075 -0.06% SEP '22 SOYBEANS $ / BSH  12.6425 12.6075 12.6225 0.0175 0.xiv% NOV '22 SOYBEANS $ / BSH  12.five 12.4275 12.46 -0.0025 -0.02% JAN '23 SOYBEANS $ / BSH  12.4925 12.44 12.455 -0.0075 -0.06% MAR '23 SOYBEANS $ / BSH  12.3075 12.2775 12.2775 -0.005 -0.04% JAN '22 SOYBEAN OIL  $ / LB 54.81 54.02 54.1 -0.55 -i.01% MAR '22 SOYBEAN OIL  $ / LB 54.9 54.12 54.18 -0.55 -ane.00% JAN '22 SOY Meal $ / TON 377.6 372 375.eight 3.5 0.94% MAR '22 SOY Repast $ / TON 373.8 368.4 372 3.3 0.90% MAY '22 SOY MEAL $ / TON 372.9 367.half-dozen 371.5 3.5 0.95% JUL '22 SOY Repast $ / TON 374.3 369.5 373 3.iii 0.89% AUG '22 SOY MEAL $ / TON 372.8 369.4 371.iv 2.8 0.76% MAR '22 Chicago SRW $ / BSH  vii.7575 seven.6825 7.7225 0.0175 0.23% MAY '22 Chicago SRW $ / BSH  7.8 vii.73 vii.765 0.015 0.19% JUL '22 Chicago SRW $ / BSH  7.715 7.6475 vii.6925 0.0075 0.ten% SEP '22 Chicago SRW $ / BSH  7.7325 seven.67 vii.7225 0.0125 0.16% DEC '22 Chicago SRW $ / BSH  7.765 7.7025 vii.7575 0.0125 0.xvi% MAR '22 Kansas City HRW $ / BSH  8.1225 viii.0275 8.08 0.0425 0.53% MAY '22 Kansas City HRW $ / BSH  8.12 8.04 8.0825 0.035 0.43% JUL '22 Kansas City HRW $ / BSH  8.025 7.955 7.9875 0.0225 0.28% SEP '22 Kansas Urban center HRW $ / BSH  8.0125 7.97 7.9825 0.005 0.06% December '22 Kansas Metropolis HRW $ / BSH  viii.05 8.0425 8.045 0.03 0.37% MAR '22 MLPS Bound Wheat $ / BSH  10.2675 10.2225 10.2425 -0.025 -0.24% MAY '22 MLPS Bound Wheat $ / BSH  10.165 10.1425 10.165 0.005 0.05% JUL '22 MLPS Jump Wheat $ / BSH  ix.85 #N/A 9.865 0 0.00% SEP '22 MLPS Spring Wheat $ / BSH  9.2875 9.2875 ix.2875 -0.0075 -0.08% DEC '22 MLPS Spring Wheat $ / BSH  9.1675 #N/A ix.2 0 0.00% MAR '21 Ice Dollar Index $ 96.105 95.845 96.03 0.015 0.02%  JA '21 Calorie-free Crude $ / BBL  72.26 70.eight 70.8 -ane.58 -2.18%  Atomic number 26 '21 Light Crude $ / BBL  72.05 70.62 70.64 -ane.51 -2.09% JAN '22 ULS Diesel $ /U GAL 2.263 2.2239 2.2268 -0.0395 -1.74% FEB '22 ULS Diesel $ /U GAL 2.2595 2.2209 2.2245 -0.0383 -1.69% JAN '22 Gasoline $ /U GAL two.1688 2.1285 2.1328 -0.045 -2.07% FEB '22 Gasoline $ /U GAL 2.1538 2.1151 two.1195 -0.0449 -2.07% JAN '22 Feeder Cattle $ / CWT 0 #N/A 162.575 0 0.00% MAR '22 Feeder Cattle $ / CWT 0 #Northward/A 164.325 0 0.00%  DE '21 Live Cattle $ / CWT 0 #Due north/A 135.275 0 0.00%  FE '21 Live Cattle $ / CWT 0 #Northward/A 137.05 0 0.00% FEB '22 Live Hogs $ / CWT 0 #N/A 80.35 0 0.00% APR '22 Live Hogs $ / CWT 0 #N/A 84.875 0 0.00% December '21 Class Three Milk $ / CWT 18.49 18.49 18.49 0 0.00% January '22 Course Iii Milk $ / CWT 19.61 19.51 19.51 -0.1 -0.51% February '22 Class III Milk $ / CWT nineteen.89 nineteen.85 19.85 -0.09 -0.45% Get our top content delivered right to your inbox. 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Source: https://delongcompany.com/story-morning-market-review-december-16-2021-22-220333

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