April 29, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 390’2 +3’2 Apr ‘16 350’0 +2’0
Jul ‘16 391’6 +0’4 May ‘16 350’0 +1’0
Sep ‘16 391’6 +1’2 June ‘16 349’0 +1’0
Dec ‘16 395’2 +0’6 NC ‘16 347’0 Unch.

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1021’0 +3’0 Apr ‘16 941’0 +3’0
Jul ‘16 1029’6 +2’2 May ‘16 941’0 +3’0
Aug ‘16 1030’4 +2’0 June ‘16 945’0 +2’0
Nov ‘16 1007’6 -0’6 NC ‘16 934’0 -1’0

 

Soybeans were mixed after holding yesterday’s lows and trading both sides of unchanged.

Wet weather supportive; excessive rains this weekend for especially W Plains and Delta.

The free-fall in the dollar index continues today, down 1.25% since Wed & down 2% this week.

Commodities generally higher; crude making new highs for the move while gold @ 15 mo highs.

For the 1st time since July, nearby corn poised to close consecutively above the 200 day MA.

Yesterday’s corn export sales of 85 mb old & 17 mb new was the 4th largest in 4 yrs.

Demand from Japan heating up with Japan’s weekly purchase the largest in 2 years for US corn.

In addition, the USDA announced the sale of 100,640 mt of old-crop corn to Japan this morning.

Margin requirements again increasing on the CME for beans while corn drops slightly.

Hard to believe the first wheat quality crop tour of the season kicks off next week.

Commitment of Traders report showed funds buying 104k corn contracts & 19k bean contracts

Corn position was about 116k contracts more long than the trade expected

Funds are finally completely out of their short corn position and building a long position

Funds are now long 75k corn and long 149k bean contracts

April 29, 2016