DTN Corn News

FARM MARKET NEWS - CORN REPORT FOR Fri, May 29 Exchange rate was 1.3799 up 0.0034 Chicago corn closed slightly lower. JUL20 HI 3.29 1/2 DEC20 HI 3.42 1/2 LOW 3.23 1/4 LOW 3.36 3/4 CLOSE3.25 3/4 Down 1 3/4 CLOSE 3.38 3/4 Down 1 1/2 OLD CROP BASIS NEW CROP BASIS Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt ELEVATORS +JUL20+SEP20+SEP20 CK Low 1.25 4.51 177.45 0.90 4.29 168.79 CK High 1.25 4.51 177.45 0.95 4.34 170.76 CK Avg 1.25 0.01 4.51 177.45 0.91 -0.27 4.30 169.12 Essex Cty 1.25 4.51 177.45 0.90 4.29 168.79 Mdsx Low 1.25 4.51 177.45 0.90 4.29 168.79 Mdsx High 1.25 4.51 177.45 0.95 4.34 170.76 Mdsx Avg 1.25 0.01 4.51 177.45 0.93 -0.26 4.31 169.78 Hensall 1.30 4.56 179.42 0.97 4.35 171.42 Bruce 1.30 4.56 179.42 0.95 4.34 170.76 Putnam 1.25 4.51 177.45 0.90 4.29 168.79 Burford 1.25 4.51 177.45 0.90 4.29 168.79 Port Perry 1.35 4.61 181.39 1.05 4.44 174.70 Norfolk 1.25 4.51 177.45 0.90 4.29 168.79 Palmerston 1.28 4.54 178.63 0.98 4.37 171.94 Varna 1.30 4.56 179.42 0.95 4.34 170.76 Trenton 1.35 4.61 181.39 1.10 4.49 176.67 Winchester 1.40 4.66 183.36 1.45 4.84 190.44 North Gower 1.40 4.66 183.36 1.40 4.79 188.48 Vankleek Hil 1.01 4.27 168.00 1.06 4.45 175.09 Huron FOB 1.43 4.69 184.54 0.95 4.34 170.76 Kent FOB 1.30 4.56 179.42 1.00 4.39 172.73 Lamb FOB N/A 0.95 4.34 170.76 Mdsx FOB 1.30N/A N/A N/A 4.56 179.42 0.95 4.34 170.76 FOB SW Que 2.07 5.33 209.73N/A Track 1.52 4.77 187.89N/A PROCESSORS Chat-Eth N/A N/A N/A 1.45 N/A Jhnstwn-Eth N/A N/A N/A N/A N/A Aylmer-Eth N/A 1.45 1.50 1.58 1.20 4.59 180.60 Sarn-Eth N/A N/A N/A N/A N/A London-Ing N/A N/A N/A N/A 1.25 4.64 182.57 Pt.Colb-Ing N/A N/A N/A N/A N/A Cardnl-Ing N/A N/A 1.95 2.00 1.55 4.94 194.38 W O Feed 1.70 4.96 195.17 US Rep 1.85 5.11 201.07 Toledo El. -0.07 3.19 125.53 -0.41 2.97 117.07 TRANSFER Pt. Colb 1.80 5.06 199.10 1.35 4.74 186.51 Prescott 1.90 5.16 203.04N/A HI SD CRN 0.95 4.33 3/4 *Wet Bid

DTN Closing Grain Comments 05/29 13:57 Row Crops Lower as President Prepares to Discuss China Dow Jones Industrials and most ag commodities traded lower Friday as traders looked cautious ahead of President Donald Trump's news conference on China. July soybeans closed down 6 1/4 cents, but all three wheats finished higher with help from dry forecasts for the U.S. Plains and northern Europe.

DDG Weekly Update 05/29 12:29 DTN Weekly Average DDG Price Lower DTN's weekly average spot price for domestic distillers dried grains was lower. Mary Kennedy DTN Basis Analyst OMAHA (DTN) -- Of the 40 locations DTN contacted that showed offers for domestic distillers dried grains (DDG) for the week ended May 28, posted offers averaged $141 per ton, down $2 versus the prior week. The cash corn price has improved on average versus one week ago and basis has strengthened, but that has had little effect on current DDG prices. However, with DDG prices moving lower recently and plant production picking up, cattle and hog producers have started to use DDG again in rations. Based on the average of prices collected by DTN, the value of DDG relative to corn for the week ended May 28 was 120.55%. The value of DDG relative to soybean meal was 49.59%. The cost per unit of protein for DDG was $5.22, compared to the cost per unit of protein for soybean meal at $5.99. Wednesday's Energy Information Administration ethanol report showed for the week ended May 22 that ethanol inventory was drawn down for the fifth consecutive week falling 400,000 bbl, to a 23.2 million bbl 19-week low, with supply 16.2% below a record high reached on April 17. Plant production outpaced the gain in blending activity for the week, up 61,000 barrels per day (bpd) to a 724,000 bpd eight-week high, the fourth consecutive week with higher output after falling to a more than 10-year low at 537,000 bpd. During the four-week period ended May 22, plant production averaged 38.2% below one year ago. NOTE: All prices listed below can change at any time and are subject to confirmation from seller. ALL PRICES SUBJECT TO CONFIRMATION CURRENT PREVIOUS CHANGE COMPANY STATE 5/28/2020 5/21/2020 Bartlett and Company, Kansas City, MO (816-753-6300) Missouri Dry $140 $145 -$5 Wet $70 $73 -$3 Show Me Ethanol LLC, Carrollton, MO (660-542-6493) Missouri Dry $140 $140 $0 Wet $75 $75 $0 CHS, Minneapolis, MN (800-769-1066) Illinois Dry $155 $155 $0 Indiana Dry $145 $145 $0 Iowa Dry $130 $130 $0 Michigan Dry $150 $150 $0 Minnesota Dry $130 $130 $0 North Dakota Dry $130 $130 $0 New York Dry $195 $195 $0 South Dakota Dry $125 $125 $0 MGP Ingredients, Atchison, KS (800-255-0302 Ext. 5253) Kansas APRIL Dry $130 $130 $0 POET Nutrition, Sioux Falls, SD (888-327-8799) Indiana Dry $150 $155 -$5 Iowa Dry $142 $145 -$3 Michigan Dry $155 $160 -$5 Minnesota Dry $144 $145 -$1 Missouri Dry $155 $155 $0 Ohio Dry $150 $155 -$5 South Dakota Dry $150 $155 -$5 United BioEnergy, Wichita, KS (316-616-3521) Kansas Dry $0 $0 $0 Wet $0 $0 $0 Illinois MARCH Dry $0 $0 $0 Nebraska Dry $0 $0 $0 Wet $0 $0 $0 U.S. Commodities, Minneapolis, MN (888-293-1640) Illinois Dry $145 $145 $0 Indiana Dry $150 $150 $0 Iowa Dry $130 $130 $0 Michigan Dry $145 $155 -$10 Minnesota Dry $130 $130 $0 Nebraska Dry $115 $120 -$5 New York Dry $165 $170 -$5 North Dakota Dry $120 $130 -$10 Ohio Dry $150 $150 $0 South Dakota Dry $110 $125 -$15 Wisconsin Dry $140 $150 -$10 Valero Energy Corp, San Antonio Texas Indiana Dry $165 $165 $0 Iowa Dry $0 $0 $0 Minnesota Dry $0 $0 $0 Nebraska Dry $0 $0 $0 Ohio Dry $155 $155 $0 South Dakota Dry $0 $0 $0 California Dry $0 $0 $0 Western Milling, Goshen, California (559-302-1074) California Dry $205 $210 -$5 *Prices listed per ton. Weekly Average $141 $143 -$2 The weekly average prices above reflect only those companies DTN collects spot prices from. States include: Missouri, Iowa, Nebraska, Kansas, Illinois, Minnesota, North Dakota, South Dakota, Michigan, Wisconsin and Indiana. Prices for Pennsylvania, New York and California are not included in the averages. ** VALUE OF DDG VS. CORN & SOYBEAN MEAL Settlement Price: Quote Date Bushel Short Ton Corn 5/28/2020 $3.2750 $116.96 Soybean Meal 5/28/2020 $284.30 DDG Weekly Average Spot Price $141.00 DDG Value Relative to: 5/28 5/22 Corn 120.55% 126.01% Soybean Meal 49.59% 50.62% Cost Per Unit of Protein: DDG $5.22 $5.30 Soybean Meal $5.99 $5.95 Notes: Corn and soybean prices take from DTN Market Quotes. DDG price represents the average spot price from Midwest companies collected on Thursday afternoons. Soybean meal cost per unit of protein is cost per ton divided by 47.5. DDG cost per unit of protein is cost per ton divided by 27. Mary Kennedy can be reached at mary.kennedy@dtn.com Follow her on Twitter @MaryCKenn (c) Copyright 2020 DTN, LLC. All rights reserved.

DTN Midday Grain Comments 05/29 11:20 Corn, Beans Lower at Midday Corn is 3 to 4 cents lower, soybeans are 4 to 6 cents lower, and wheat is 1 to 6 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow 190 points lower. The dollar index is 20 points lower. Interest rate products are firmer. Energies are mixed are weaker with crude unchanged. Livestock trade is weaker with cattle the downside leader. Precious metals are firmer with gold up $21.00. CORN Corn trade is 3 to 4 cents with trade holding gains from the rally yesterday as we look to consolidate into a higher range with pressure from trade concerns and spillover from soybeans. Ethanol margins remain stable with unleaded demand holding the recent plateau. Warmer drier weather for most is expected into next week. Basis has shown isolated signs of strength this week. Export sales were softer at 427,200 metric tons old crop, and 46,500 of new. The USDA announced 101,600 metric tons sold to unknown on the daily wire. On the July contract support is the upper Bollinger band at $3.24, and resistance the fresh high at $3.31. SOYBEANS Soybean trade is 3 to 5 cents lower at midday with rangebound action continuing as the ral slides in tandem with the dollar this AM, and China tensions remain at the forefront. Meal is $1.00 to $2.00 lower, and oil is flat to 10 points higher. South America continues to move along harvest wise with strong shipments out of Brazil likely to continue unless port issues redevelop due to strikes or virus related absenteeism. Crush margins remain solid for the time being. Export sales were softer from last week, at 644,300 metric tons of old crop, 203,000 metric tons of new crop, 127,000 of meal, and 56,600 of oil. The USDA also announced 132,000 metric tons of soybeans split between crop years sold to China. The July soybean chart support is the 20-day at $8.43 which we are testing this AM with resistance the upper Bollinger Band at $8.57. WHEAT Wheat trade is 1 to 7 cents higher with Kansas City trade leading again as the dollar tests 98 on the index. Russia looks to have mostly average to slightly above rainfall near term with France and Germany drier near term, while the plains look to trend warmer and drier. Kansas City is at a 49-cent discount to Chicago on the July with narrower action so far, while Minneapolis is back to a 1 cent premium. Export sales were solid at 209,800 metric tons old crop, and 465,900 metric tons. The July Kansas City chart support is the lower Bollinger Band at $4.32 which we tested last week before bouncing with resistance the 20-day at 4.64 which we are above at midday. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2020 DTN, LLC. All rights reserved.

DTN Weather Trend Indicators 05/29 09:25 Weather Indicator status values are: Corn=Neutral Soybeans=Neutral Wheat=Neutral LEGEND: The indicator choices are: Corn, Soybeans, Wheat The status choices are: Up, Down, Neutral For example: Corn=Neutral

DTN Early Word Grains 05/29 05:56 Grains Higher, Soy Lower into the Weekend July corn is up 1 cent per bushel, July soybeans are down 2 1/2 cents, and July KC wheat is up 2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is up 1 cent per bushel, July soybeans are down 2 1/2 cents, and July KC wheat is up 2 cents. CME Globex Recap: Equities are mostly lower overnight with the U.S. staring at a lower open later Friday morning. Financial media are focused on possible retaliation from President Trump at his press conference later Friday after Beijing approved a sweeping national security law for Hong Kong. Most believe sanctions will be levied against China and Chinese officials for the new law which had the effect of removing Hong Kong's special trade status. Energy markets are weaker with crude oil futures off close to 3.5%. Fixed income and precious metal markets are higher, led by silver, which is up 1.10%. Grain markets are mixed with higher wheat and corn while soybeans are off a couple cents. Traders are looking forward to export sales later Friday morning as well as the next round of weather maps midday. From now through July, markets will be especially sensitive to changes from one model run to the next, which is where the term "silly season" comes from. Welcome to the "silly season." OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 147.63 at 25,400.64 and the S&P 500 down 6.40 at 3,036.13 while the 10-Year Treasury yield ended at 0.705%. Early Friday, the June DJIA futures are down 98 points. Asian markets are mixed with Japan's Nikkei 225 down 38.42 (-0.18%) and China's Shanghai Composite up 6.13 points (0.22%). European markets are lower with London's FTSE 100 down 59 points (-0.95%), Germany's DAX down 119.73 points (-1.02%) and France's CAC 40 up 37.77 points (-0.79%). The June Euro is up 0.005 at 1.110 and the June U.S. dollar index is down 0.317 at 98.055. The June 30-Year T-Bond is up 26/32nds, while June gold is up $12.30 at $1,725.60 and July crude oil is down $1.09 at $32.62. Soybeans on China's Dalian Exchange were up 0.07% while soybean meal was down -0.75%.

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