August 9, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Sep ‘16 323’6 -1’4 Aug ‘16 319’0 -3’0
Dec ‘16 333’4 -1’2 NC ‘16 318’0 -2’0
Mar ‘17 344’0 -1’0      
May ‘17 350’6 -1’0      

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Aug ‘16 1030’4 +11’6 Aug ‘16 943’0 +3’0
Sep ‘16 1010’6 +9’4      
Nov ‘16 993’6 +8’6 NC ‘16 917’0 +3’0
Jan ‘17 993’2 +8’4      

 

Soybeans continue to work higher on strong export demand & spillover support from soyoil.

Bean oil is up 1.5%, above the 50 day for the 1st time in 2 mo, highest level since early July.

USDA announced the sale of 120 kmt of new beans to unknown destination.

This is the 10th consecutive day of announced bean sales to either China or unknown.

Seasonally, corn and beans work higher in August before making new lows in Sep or Oct.

Nov beans up against psychological resistance @ $10, the 20 day MA @ 10.01 & recent high of 10.06.

Corn futures remain in the red despite ratings dropping 2 points; bean ratings unchanged.

Conab trimmed Brazil’s corn production by 600 kmt and beans 200 kmt; corn @ 68.5, beans 95.4 mmt.

Brazil’s Agroconsult est corn imports @ 1.5 mmt thru Jan, almost all originated from Arg & Paraguay.

China sold just .73% of corn reserves put up for auction with offers today thru Fri of 7.9 mmt.

Last trading day for August futures is Friday; no deliveries for beans or meal, soyoil 381 lots.

 

August 9, 2016