February 22, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 367’4 +2’0 Feb ‘16 341’0 +2’0
May ‘16 372’2 +3’0 Mar ‘16 342’0 +2’0
Jul ‘16 377’2 +3’4 Apr ‘16 344’0 +3’0
Dec ‘16 382’2 +3’4 NC ‘16 350’0 +3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 881’0 +2’6 Feb ‘16 827’0 +3’0
May ‘16 884’2 +3’4 Mar ‘16 826’0 +3’0
Jul ‘16 889’0 +3’6      
Nov ‘16 890’6 +4’0 NC ‘16 822’0 +3’0

 

Risk on type trade with equities, energies and grains mostly higher.

Reports of excessive rainfall in parts of Argentina may also be supporting beans.

March beans held the 100 day MA; May corn closed above 50 day for 1st time in 2 weeks.

Increase in selling as we approach top end of trading range

Crude oil nearly $2/barrel higher; Russia states production freeze to begin March 1.

The USDA announced the sale of 100 kmt of US corn sold to Columbia for 2015/16 delivery.

Weekly export inspections were solid for beans @ 56.3 mb; corn @ 35.4 and wheat 9 mb.

YTD inspections for beans @ 1374.5 mb (91% of LY’s pace); YTD corn @ 551.7 (81% of LY’s pace).

Friday’s COT report shows the funds holding a larger net short corn position than expected.

Funds -138k corn (-103k LW); -84k wheat (-81k LW); -43k beans (-68k LW); +58k bean oil (+47k LW).

 

February 22, 2016