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Dalton City
Delivery Start Delivery End Cash Price Basis Futures Price Futures Change
CORN
SOYBEANS

Quotes are delayed, as of March 29, 2024, 09:30:48 AM CDT 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.
Bethany
Delivery Start Delivery End Cash Price Basis Futures Price Futures Change
CORN
SOYBEANS
WHEAT

Quotes are delayed, as of March 29, 2024, 09:30:48 AM CDT 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.
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Cash Bid Update - Heritage Grain

Free DP for on farm Corn & Soybeans.  Priced By Aug 31

OUR OFFICES WILL BE CLOSED FRIDAY MARCH 29TH FOR GOOD FRIDAY. 

  

Friday, March 29th - Good Friday

Grain/Livestock markets CLOSED

Sunday, March 31st - Easter

Grains open at 7 p.m. for normal trading hours

Livestock resumes trading on Monday at 8:30 a.m.

 

Mar 28, 2024

Good afternoon. Report day came with a bang as corn and wheat futures traded sharply higher to end the holiday-shortened week. Soybean data was mostly as expected, however prices were brought well off the lows following another week of terrible export sales this morning. Going forward, attention turns to US spring weather and whether or not the intended acres announced today actually get planted.

 

CK finished the week up 15 1/4 at 4.42. High of 4.48 was highest market had traded since Feb 9th. CZ closed at 4.77 3/4, up 15 1/2 cents. Technically, both old crop and new crop saw outside days higher. SK closed Thursday at 11.91 1/2, down a penny. Market again found resistance at $12. SX closed at 11.86 1/4, up 2 3/4. WK followed corn higher and closed at 5.60 1/4, up 12 3/4. Wheat futures also traded their highest levels since the first of March. Products were mixed, May bean meal was $1.30/ton lower at 337.70, while May bean oil closed at 47.95, up 28 points. Livestock markets were higher to end the week: April live cattle closed at 185.00, up $1.40, April feeders closed at 247.12, up 25 cents, and April hogs closed at 86.62, up 52 cents. Outside markets are mostly higher, crude oil futures are trading $1.75/bbl higher, the Dow Jones index is up 50 points, and the US$ index is up 20 points.

 

For the week: May corn was 2 3/4 cents higher, Dec corn was 2 1/2 cents higher, May soybeans were down a penny, Nov soybeans were down 3/4 of a cent, and May Chicago wheat was up 5 1/2 cents.

 

Report happenings were mostly seen in the corn market, where USDA projected planted acres for the coming season well below where the trade had anticipated. While bullish on the surface, plugging 90 million planted acres into the balance sheet and leaving everything else the same leads to an ending stocks number of 2.4 bil bu, which is not overly bullish. Most in the trade don't have much argument for the lower corn acre number, as large corn plantings don't often occur in back-to-back years. On a state level, Iowa corn acres are seen 2.3% lower, Illinois is seen 2.7% lower, and Indiana is seen 6.4% lower. Also notably, Minnesota is seen down 8.1%, Ohio is seen down 8.3%, and Missouri is seen down 9.1% March 1 stocks of 8.347 mil bu is also not overly bullish, as this is nearly one billion bu's more than March of 2023. Notably, total principle crop acres were down 6.3 mil from 2023; it will be interesting to see going forward whether early planting windows in April cause total acreage to be adjusted higher.

 

Things were relatively quiet for soybeans; USDA projected planted acres at 86.5 mil, which was exactly what the trade had anticipated. This would be up nearly 3 million acres from 2023. On a state level, Illinois is seen 1.4% higher, Iowa is seen 2.5% higher, and Indiana is seen 4.5% higher. Also of note, North Dakota is seen up 11.3% and Missouri is seen up 7.1%. March 1 stocks were seen at 1.845 bil bu, which were only 20 mil bu off from the average trade guess. Like corn, soybean stocks are also higher than a year ago. The current corn/soybean ratio has argued for increased soybean acres for most of winter. The report also did not offer a lot for wheat as both planting intentions and March 1 stocks were as expected. Wheat planted acres are seen roughly 2 million less than in 2023 at 47.5 mil, and stocks are seen at 1.087 bil bu's.

 

This morning's weekly export sales report showed corn sales that were within trade expectations, wheat sales that were above expectations, and soybean sales that were below expectations. Corn sales were seen at 1.207 mmt's, compared with expectations of 800k to 1.3 mil mt's. Featured buyers for the week were Mexico, who booked 492,000 mt's; Canada, who booked 190,200 mt's; and Colombia, who booked 146,200 mt's. Sales are currently running 19% ahead of last year. Soybean sales were seen at 264,000 mt's, compared with trade expectations of 300k-700k mt's. Featured buyer for the week was China, who booked 347,300 mt's. Also of note, 240,200 mt's were switched/canceled from the unknown category. Sales are currently running 19% behind last year. Wheat sales were seen at 340,000 mt's, compared with expectations for -100k-300k mt's. Featured buyers for the week were Taiwan, who booked 99,200 mt's; Korea, who booked 70,800 mt's; and Japan, who booked 70,200 mt's. Sales are currently running 4% ahead of last year.

 

Financial markets this morning saw weekly jobless data that was mostly as expected. Initial claims came in 2,000 lower at 210,000, while economists had expected 211,000. Continuing claims were up 24,000 to 1.819 mil, vs expectations of 1.808 mil. Q4 GDP came in slightly higher than expected at 3.4%. Stock index futures were quiet to end the week as traders had already wrapped things up for the quarter ahead of the Easter holiday.

 

Mid-day weather saw little changes for South America. Brazil sees rains in the North/Central for the rest of the week, while Argentina sees scattered showers into next week. Longer range forecasts see the MJO returning to phase 4/5, which would cause a higher probability of dryness in Brazil to end the season. In the US, a boost in soil moisture is seen for the Eastern corn belt over the next week, with storms slated to make their way through Illinois, Indiana, and Ohio. Temps will be above average through this weekend, before cooling off again next week. Longer term, models see mild temps returning for most of the Midwest after the first week of April, which should be conducive for early planting.

 

This morning's drought monitor update showed 1-class improvements in parts of Minnesota, Wisconsin and Iowa, though Northeast Iowa remains the epicenter for drought in the Midwest. It is hoped that recent rain/snowfall in these states will lead to further improvement in the weeks ahead.

 

Market Alerts

 Location Hours : 

Dalton City & Bethany

7-4:30pm M-F

CLOSED SAT-SUN 

 

 

Dalton City

Bethany

Contact Us
Heritage Grain Cooperative
PO Box 12
Dalton City, IL 61925
217-874-2392 Dalton City
217-665-3392 Bethany
217-727-6081 Fax 
 
dale.plumer@heritagegrain.com


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