April 26, 2016

Justin Huebner, Grain Division Manager Grain Commentary

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 382’2 +5’2 Apr ‘16 343’0 +5’0
Jul ‘16 387’2 +5’4 May ‘16 344’0 +5’0
Sep ‘16 388’6 +6’4 June ‘16 344’0 +5’0
Dec ‘16 394’4 +6’6 NC ‘16 347’0 +7’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1017’6 +18’0 Apr ‘16 938’0 +19’0
Jul ‘16 1027’2 +17’4 May ‘16 938’0 +19’0
Aug ‘16 1027’6 +16’0 June ‘16 943’0 +17’0
Nov ‘16 1009’0 +11’2 NC ‘16 935’0 +11’0

 

Choppy markets with corn, beans & wheat all rallying into the close

Sell-offs seem to be buying opportunities as specs continue the buying spree.

Fresh fundamental news tough to find; improving SA weather but a wet US forecast.

CIF values are a touch softer for corn while corn spreads also weakening.

The dollar was moderately lower, crude was $1.40 higher and equities were mixed.

IL corn @ 42% planted vs 25 avg; IA @ 40 vs 9; MN @ 45 vs 11; MO @ 81 vs 31%.

I maintain that Iowa at 40% planted still seems low this week

Aussie weather bureau says 7 of 8 models see a La Nina event by September.

S Africa lowered corn output (3rd time this year) to 7.07 mmt; El Nino drought.

A wet Midwest and S Plains forecast over the next 7 days looks to slow planting progress

April 26, 2016