Corn
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| May ‘16 | 381’0 | +2’4 | Apr ‘16 | 348’0 | +2’0 |
| Jul ‘16 | 385’0 | +3’0 | May ‘16 | 350’0 | +2’0 |
| Sep ‘16 | 384’6 | +2’4 | June ‘16 | 351’0 | +3’0 |
| Dec ‘16 | 390’2 | +2’0 | NC ‘16 | 342’0 | +2’0 |
Soybeans
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| May ‘16 | 954’2 | -1’6 | Apr ‘16 | 887’0 | -5’0 |
| Jul ‘16 | 963’0 | -1’2 | May ‘16 | 887’0 | -5’0 |
| Aug ‘16 | 965’2 | -0’4 | |||
| Nov ‘16 | 967’2 | +0’6 | NC ‘16 | 897’0 | Unch. |
Corn led higher by the much stronger wheat market as traders scramble to cover short positions
Friday’s Commitment of Traders report showed the funds still hold substantial short position
Meanwhile, they have accumulated an impressive long soybean position
The crop progress report showed corn planting at 13% planted w/ MO leading at 58% complete
The national 5-year average is 8%. Iowa is at 13%, well ahead of 3% on average
Figures look low to me. An incredible amount of corn was planted in IA in the last week
But I know that thinking falls into the “backyard-itis” that I preach against
Winter wheat ratings improved a point to 57% good/excellent this week
That is interesting. 7 states were up, 7 were down, and 3 unchanged
Kansas is 25% of total and they were down 1%, yet ratings increased 1%?
Weather looks like rainfall is plentiful for the Midwest in the 10-day forecast
That should help the already planted corn but slow planting pace