April 27, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 380’6 -1’4 Apr ‘16 342’0 -1’0
Jul ‘16 384’6 -2’4 May ‘16 343’0 -1’0
Sep ‘16 385’4 -3’2 June ‘16 342’0 -2’0
Dec ‘16 390’4 -4’0 NC ‘16 343’0 -4’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1019’0 +1’2 Apr ‘16 939’0 +1’0
Jul ‘16 1028’4 +1’2 May ‘16 939’0 +1’0
Aug ‘16 1027’6 Unch. June ‘16 944’0 +1’0
Nov ‘16 1003’4 -5’4 NC ‘16 930’0 -5’0

 

A weaker trend as corn and beans futures found active selling @ yesterday’s highs.

However, old beans finished just a penny off the day’s highs

USDA announced the sale of 350 kmt of old crop beans and 43 kmt of new crop to unknown.

Bearishness today attributed to Argentina offering meal @ discount to US values.

Also bearish are rumors China will soon release details on state-owned corn auctions.

Moderate to heavy rains have delayed spring planting across the Belt and Plains.

Rainfall totals of 2-3” will be common, locally heavier; NOAA 6-10 day map is drier.

Soybean traders are back to bull-spreading old vs new; CK-CN is a touch firmer.

Crude rally faded after trading to 6-mo highs; Cushing showed a 1.9 mb weekly build.

Weekly ethanol production fell 1.3% from last week, up .65% from last year.

Ethanol stocks dropped 1.9% versus last week, up 4% from a year ago.

Corn consumption estimated @ 97.3 mb, needing to avg 98.4 mb/wk to reach goal.

 

April 27, 2016