April 17, 2018

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘18 380’2 -2’2 Apr ‘18 336’0 -3’0
Jul ‘18 389’2 -1’6 May ‘18 337’0 -3’0
Sep ‘18 396’6 -1’4 June ‘18 337’0 -2’0
Dec ‘18 406’0 -1’2 NC ‘18 357’0 -1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘18 1046’0 +4’0 Apr ‘18 973’0 +4’0
Jul ‘18 1057’2 +4’0 May ‘18 976’0 +4’0
Aug ‘18 1058’4 +5’0 June ‘18 974’0 +4’0
Nov ‘18 1045’2 +5’0 NC ‘18 965’0 +5’0

 

Corn finished lower today while soybeans trade higher based on China talk

China announced they would add a 78.6% tariff on US sorghum imports

This panic brought the buyers into soymeal anticipating they may have to buy more soymeal

This tariff was in the works since early February and isn’t due to the recent US steel tariff threats

China is trying to sell their old corn reserves and this is a way to eliminate some competition

Currently, the US has the cheapest beans available into China with Brazil basis jumping higher

Chinese pork prices are at 8-year lows, which is why China implemented US pork tariffs

Midwest weather 10-day forecasts may be warm enough for planting in southern areas

However, many northern production areas will not be warm enough to plant a lot

Forecasts for the Midwest look drier, but the warmth is lacking to generate significant planting

April 17, 2018