December 20, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘17 350’2 -3’0 Dec ‘16 306’0 -3’0
May ‘17 357’0 -3’0 Jan ‘17 306’0 -3’0
July ‘17 364’4 -3’0 Feb ‘17 310’0 -3’0
Sep ‘17 372’2 -2’6 Mar ‘17 313’0 -3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jan ‘17 1005’2 -16’2 Dec ‘16 936’0 -20’0
Mar ‘17 1015’6 -16’2 Jan ‘17 933’0 -18’0
May ‘17 1025’0 -15’4 Feb ‘17 937’0 -20’0
July ‘17 1031’4 -15’0 Mar ‘17 941’0 -16’0

 

Corn and beans both struggled today, down 3 and 16 cents, respectively

Soybeans struggled with improved weather forecasts for South America

Longer-term forecasts are calling for drier conditions but rain nearby is trumping those concerns

Technical support levels were broken early and long position holders quickly sold

Production estimates there coming out larger than anticipated

This leading the market to believe supplies won’t be a concern anymore and business could shift to SA

The dollar strength continued today as well, pressuring commodities further

Corn basis levels firming up with very little farmer movement occurring

The Dow closed at 19,974 with many expecting it to be broken with renewed optimism in the economy

December 20, 2016