December 3, 2015

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘15 370’2 +6’2 NC ‘15 341’0 +3’0
Mar ‘16 377’0 +6’6 Dec ‘15 336’0 +3’0
May ‘16 382’6 +6’6 Jan ‘15 342’0 +3’0
Jul ‘16 388’0 +6’4 Feb ‘15 342’0 +3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘15 897’4 +5’2 NC ‘15 816’0 +6’0
Jan ‘16 900’2 +5’2 Dec ‘15 811’0 +5’0
Mar ‘16 906’2 +5’0 Jan ‘15 809’0 +5’0
May ‘16 913’0 +5’4 Feb ‘15 810’0 +5’0

 

Grains turned higher with wheat leading corn; beans were reluctant to follow but closed well off the lows.

Weekly export sales were poor with corn @ 19.7 mb, beans @ 32.3 and wheat @ 14.4 mb.

The dollar was sharply lower in extremely volatile trade, scoring a key reversal

Talk that the EU lowered interest rates but not as much as expected weighed on the dollar.

Interesting to see the dollar make such a move ahead of tomorrow’s all-import Jobs report.

The sharply lower dollar has sparked interest in the grains; dead cat bounce helping wheat.

USDA announced the sale of 132 kmt of beans to China following 124 kmt to unknown yesterday.

Argentina President Macri states the plan to lower bean export taxes by 5%/yr also applies to oil & meal.

Informa raised Arg corn from 18.5 to 21 mmt, lowered Arg beans, offset with slightly higher Brazil.

Midday weather suggests no changes; rains for Mato Grosso next week but drier trend reemerges.

El Nino weather probability suggests a 50-75% chance of a white Christmas for Des Moines.

Kind of hard to believe considering the 10 day outlook shows the avg high near 50 degrees.

 

December 3, 2015