April 19, 2016

Justin Huebner, Grain Division Manager Grain Commentary

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 384’4 +3’4 Apr ‘16 352’0 +4’0
Jul ‘16 389’4 +4’4 May ‘16 354’0 +4’0
Sep ‘16 390’2 +5’4 June ‘16 353’0 +2’0
Dec ‘16 396’4 +6’2 NC ‘16 349’0 +7’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 985’4 +31’2 Apr ‘16 919’0 +32’0
Jul ‘16 994’6 +31’6 May ‘16 919’0 +32’0
Aug ‘16 996’6 +31’4      
Nov ‘16 996’0 +28’6 NC ‘16 926’0 +29’0

 

Up, up and away!  Corn and beans make new highs for the move, again.

SK traded above the Aug high near 985; CK approaching the Dec high of 387.75.

CK testing the 200 day MA of 385.5; has not closed above it since July 2015.

Weather delays in Argentina, drought fears in Brazil both supporting the bounce.

Some analysts project Arg’s production could drop 6 mmt; US new crop carry sub 300 million bushels

Brazil may be considering reducing corn import duties as domestic supplies run tight.

Mexico bot 333 kmt US beans; unknown buyers took 55 kmt meal,  67 kmt corn, all old crop.

New crop sales include 176 kmt corn, 50 kmt of meal,  both sales to an unknown buyer.

Commodities are higher, silver and crude rallying on signs of better emerging markets / inflation.

Nearby corn & bean spreads weaker due to recent hedge pressure; basis continues to soften.

 

April 19, 2016