December 18, 2015

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 374’4 +0’2 Dec ‘15 345’0 +1’0
May ‘16 380’4 +0’2 Jan ‘16 345’0 +1’0
Jul ‘16 386’2 +0’4 Feb ‘16 347’0 +1’0
Sep ‘16 389’6 Unch. Mar ‘16 350’0 +1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jan ‘16 892’2 +15’2 Dec ‘15 840’0 +15’0
Mar ‘16 892’6 +15’0 Jan ‘16 838’0 +15’0
May ‘16 898’0 +14’4 Feb ‘16 838’0 +15’0
Jul ‘16 904’4 +14’2 Mar ‘16 837’0 +15’0

 

Corn, beans and wheat were higher as crude reverses from contract lows and the dollar weakens.

Equities continue under pressure, the Dow down over 450 pts since yesterday’s rate hike.

Soybean news “improving” as USDA announced the sale of another 220 kmt of US beans.

China crush margins have improved, 3rd reported US bean sale this week but window is closing.

After several weeks of completely bearish news, has the market absorbed all of the bad news?

Soybeans scored a key reversal yesterday and now above the 50 day, testing the 100 day MA.

Corn futures tested the 50 day MA; old crop futures haven’t exceeded the 50 day in 7 weeks.

Argentine farmers have not been a large seller of beans now that the peso has been allowed to float.

CME lowers initial margin requirements for corn 20% and wheat 14.3%, effective on today’s close.

Mato Grosso 30 day rainfall 50-85% of normal, hot temps thru the weekend & rains mid-next wk.

NOAA 6-10 and 8-14 outlook: US Midwest warm and wet; 90 day: above temps, normal to below precip.

The EU cut their corn production estimate and South Africa struggling with continuing drought

Commitment of Traders report showed traders buying corn and wheat while selling beans

December 18, 2015