April 18, 2016

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

April 18, 2016