December 17, 2015

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 374’2 +4’4 Dec ‘15 344’0 +4’0
May ‘16 380’2 +5’0 Jan ‘16 344’0 +4’0
Jul ‘16 385’6 +5’2 Feb ‘16 346’0 +4’0
Sep ‘16 389’6 +5’6 Mar ‘16 349’0 +5’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jan ‘16 877’0 +14’4 Dec ‘15 825’0 +14’0
Mar ‘16 877’6 +14’4 Jan ‘16 823’0 +15’0
May ‘16 883’4 +14’4 Feb ‘16 823’0 +15’0
Jul ‘16 890’2 +15’0 Mar ‘16 822’0 +14’0

 

Corn, beans, and wheat all turned more disappointing losses into impressive gains by day’s end

Traders looking to be less short positioned ahead of weekend with weather risk on Monday in Brazil

The silver lining was hard to find; the peso floating freely vs the dollar, valued @ 14.3:1 vs 9:1 yesterday.

Despite weaker currency, Argentine farmer selling is still surprisingly slow

Corn to new contract lows; beans found bargain hunting as Informa lowers 2016 acres by 763,000 ac.

Also supporting beans was news that 424,000 tons of US beans for 2015-16 was sold to China.

The dollar is sharply higher, up 1.5% after the FOMC raised interest rates for the 1st time in a decade.

Weekly exports were generally disappointing with beans @ 32.6 mb, corn @ 22.8 and wheat 11.8 mb.

Informa est the 2015 corn crop @ 13.725 mb vs the USDA @ 13.654; beans 3.97 vs 3.981 mb.

They estimate the 2016 corn acres @ 88.9 vs 88.4 ma LY; beans @ 84.5 ma vs 83.2 ma LY.

Midday weather maps for South America remains bearish as rains move into Mato Grosso.

Des Moines is experiencing the wettest Dec on record @ 3.82”, overtaking 1931 @ 3.72”.

3 of the 6 wettest Decembers (since 1920 for DM) have recently occurred (2007, 2009, 2015).

December 17, 2015