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