Local Grains

Last Updated May 21, 2025 8:42 AM*
Corn Old Crop New Crop
Location
Pro, Valero-Alternative -.13N -.40
Lakota Ethanol - GPRE, Superior -.11N -.25
CFE, Ocheyedan +.06N -.38
New Vision, Wilmont -.18N -.43
Stateline Co-op, Halfa -.45Z -.40
Smithfield Grain, Algona +.05N -.25
Poet Bio Refining, Emmetsburg +.00N -.25
New Co-op Max, Fostoria -.15N -.40
New Co-op Max, Mallard -.15N -.40
New Co-op, Palmer -.10N -.40

Soybeans Old Crop New Crop
Location
Pro, Valero-Alternative -.43N -.70
Meadowland Co-op, Lamberton,MN -.55N -.60
CHS, Fairmont -.00N -.50
CFE, Ocheyedan -.50N -.70
AgState, Emmetsburg -.38N -.67
AgState, Hartley -.45N -.70
AgState1, Laurens -.45N -.70
New Co-op Max, Mallard -.43N -.70
New Co-op Max, Fostoria -.43N -.70
New Co-op, Palmer -.43N -.70

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*This information was current as of this date. We believe it to be accurate but assume no responsibility.

Commodity Headlines

Oil Falls as Potential for Fresh Iranian Supplies Adds to Gloom

May 16, 2025 2:03 PM

Source: Bloomberg

(Bloomberg) -- Oil fell for a second day after President Donald Trump said the US and Iran are getting closer to a deal regarding Tehran’s nuclear program, a move that could unleash more supplies onto a market that is rapidly approaching a glut.

Brent fell more than 2% to settle below $65. US crude futures also slid.

If all sanctions on Iran are lifted, a flood of crude could hit global markets, analysts estimated. The development adds further gloom to a market that is already swimming in additional supplies after OPEC+ revived output at a faster pace than anticipated and trade talks between the US and major consuming nations cloud the demand outlook.

“Trump wants a deal with Iran as he continues to pursue lower oil prices,” Vikas Dwivedi, Macquarie’s global oil and gas strategist, said in an interview. “The conversation is trending towards a deal that could be reached as soon as this year.”

Dwivedi expects that an agreement could boost oil supplies between 200,000 and 300,000 barrels a day. Already, Iranian oil exports have grown, reaching around 1.7 million barrels a day in April, he added.

Though Trump told reporters in Doha that a deal was close, his latest rhetoric was more optimistic than that of Iran. Its lead negotiator, Foreign Minister Abbas Araghchi, on Wednesday urged the US to come to the next round of Oman-mediated talks with a “more realistic” approach. The date and location for those is yet to be decided.

“In less than 24 hours, the narrative has shifted from the US imposing new sanctions on Iran to growing speculation that a diplomatic breakthrough may be within reach,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management.

“If a deal is concluded, it would increase the likelihood of a significant oversupply later this year, especially when combined with the planned production increases from OPEC+,” he said.

Brent has averaged about $63 a barrel so far this month, the lowest price since 2021. The pullback will help soothe inflationary pressures in consuming economies but hits the coffers of major producers.

US shale companies have already reined in capital spending plans, and Saudi Arabia has lifted borrowing levels as the low prices show signs of biting.

Adding to the negative sentiment, the International Energy Agency said it expects global consumption growth to slow for the rest of this year as trade uncertainty puts pressure on demand.

Exlusive: OPEC+ to further speed up oil outpur hikes, sources say

May 4, 2025 12:41 PM

Reuters
Olesya Askakhave and Ahmad Ghadder

May 4, 2025

LONDON/MOSCOW, May 4 (Reuters) - OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November, five OPEC+ sources said as the group's leader Saudi Arabia seeks to punish some fellow members for producing above quotas.
OPEC+ shocked oil markets in April by agreeing a bigger-than-expected output hike for May despite weak prices and slowing demand.

OPEC's de facto leader Saudi Arabia designed the move to punish Iraq and Kazakhstan for poor compliance with production quotas as Riyadh signalled it was unwilling to prop up the market any longer, sources have said.
The developments take place days before U.S. President Donald Trump is due to visit Saudi Arabia to discuss an arms package and a nuclear agreement. Trump has repeatedly asked OPEC+ to pump more oil to help ease gasoline prices as he faces inflation pressures at home, including from his tariff wars.
The shift in Saudi policy suggests the kingdom wants to expand its market share, a major change after five years spent balancing the market through deep output cuts.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, is cutting output by almost 5 million bpd or 5% of global demand.

The cuts were agreed in various stages since 2022 to support the market and many cuts are due to remain in place until the end of 2026.
In December, OPEC+ agreed to gradually phase out the 2.2 million bpd voluntary part of total cuts by the end of September 2026 but decided in April to accelerate this process from May.
The group agreed another big output hike for June on Saturday, taking the total it plans to release in April, May and June to nearly 1 million bpd.
OPEC+ will maintain the trend and will likely agree in June to release another 411,000 bpd in July, the five OPEC+ sources briefed on the matter said, speaking on condition of anonymity.
Saudi Arabia repeated its warnings against poor compliance on Saturday, one of the sources said.
OPEC, the Saudi government's communications office, and the office of Russian Deputy Prime Minister Alexander Novak did not immediately reply to a request for comment.

The group will likely approve accelerated hikes for August, September and October as well if Iraq, Kazakhstan and other laggards do not improve compliance and fail to deliver compensation cuts, the sources said.
If compliance does not improve, the voluntary cuts will be unwound by November, one of the sources said, referring to the 2.2 million bpd portion of cuts by eight members.
Kazakhstan defied OPEC+ last month when its energy minister said he will prioritise national interests over those of the OPEC+ group when deciding on oil production levels. Kazakhstan's April oil output exceeded its OPEC+ quota despite a 3% fall.
Oil prices fell to a four-year low in April below $60 per barrel on accelerated OPEC+ hikes and as Trump's tariffs raised concerns about a global slowdown.
News of accelerating hikes will weigh on oil prices until compliance improves, UBS analyst Giovanni Staunovo said.